IITian arrested for helping run ₹20,000cr GainBitcoin Ponzi scheme
Ayush Varshney, an IIT grad and Darwin Labs co-founder, is in jail after being arrested for allegedly helping run the GainBitcoin Ponzi scheme, one of India's biggest crypto scams.
The Central Bureau of Investigation (CBI) says he was involved in cheating investors out of a staggering ₹20,000 crore by building tech for the scheme, which promised unreal 10% monthly returns on bitcoin and later pushed a low-value crypto called MCAP.
Varshney has moved a bail application
Varshney has moved a bail application; the court has listed the matter for hearing on March 25.
He faces serious charges like conspiracy, cheating, and breach of trust under both the IPC and the IT Act sections.
Some co-accused have been reported arrested; the investigation (ordered by the Supreme Court) continues.