Ayush Varshney Arrested in GainBitcoin Scam
Analysis based on 15 articles · First reported Mar 11, 2026 · Last updated Mar 11, 2026
The arrest of Ayush Varshney in the GainBitcoin scam highlights the ongoing regulatory scrutiny and risks associated with unregulated cryptocurrency schemes, potentially increasing investor caution in the broader crypto market. This event could lead to further investigations and enforcement actions, impacting the reputation and operations of other entities involved in similar ventures.
Ayush Varshney, co-founder and CTO of Darwin Labs Private Limited, was arrested by the United States — Federal Bureau of Investigation in connection with the ₹20,000 crore GainBitcoin cryptocurrency Ponzi scam. Varshney was detained at Mumbai airport while attempting to flee the country. Darwin Labs Private Limited is accused of designing and developing the digital infrastructure for the fraudulent scheme, including the Market capitalization cryptocurrency token, the GBMiners.com mining pool, and the GainBitcoin investor website. The scheme, allegedly masterminded by Amit Bhardwaj and Ajay Bhardwaj, lured investors with promises of 10% monthly returns in Bitcoin. Initially, payouts were made in Bitcoin, but as the scheme faltered in 2017, payouts were switched to the significantly less valuable Market capitalization. The United States — Federal Bureau of Investigation's investigation follows a India — Supreme Court of India order and spans multiple states, with the India — Enforcement Directorate also probing money laundering aspects and seizing properties, including those linked to Raj Kundra.
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