Delhi court grants bail to Ayush Varshney in MCAP ponzi
India
Ayush Varshney, an IIT Kanpur alumnus and CTO of Darwin Labs, was arrested last month for his alleged role in a crypto Ponzi scheme that promised big Bitcoin returns but left investors with worthless MCAP tokens.
A Delhi court has now granted him bail, saying the main goal is to make sure he shows up for trial.
Varshney less liable in mcap scam
Varshney was accused of being the tech brain behind the scam's MCAP tokens.
However, the court noted he has been cooperating with investigators and that the scheme actually began before he joined Darwin Labs, so his responsibility for earlier fraud is less.
The case highlights how tricky crypto scams can be to investigate in India.