India arrests key suspect in GainBitcoin crypto Ponzi scheme

The Central Bureau of Investigation has arrested Ayush Varshney, co-founder and chief technology officer of Darwin Labs Private Limited, in the probe into the alleged GainBitcoin fraud. Authorities allege Darwin Labs helped build key technical components linked to the scheme, including the MCAP crypto token and its ERC-20 smart contract, the Bitcoin mining platform GBMiners.com, a bitcoin payment gateway, the Coin Bank wallet and the GainBitcoin investor portal.

Varshney had been absconding, prompting a Look Out Circular. Immigration officials intercepted him at Mumbai airport on March 9 while he was allegedly attempting to leave the country, and the CBI formally arrested him on March 10. The case centers on Variabletech Pte.

Ltd., which is accused of operating a Ponzi-style investment programme that promised unusually high returns on cryptocurrency mining packages and later misappropriated investor funds.

India, Mumbai

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