Co-Founder Arrested in $20,000 Crore Bitcoin Scam Unveiling Complex Cryptocurrency Fraud
Ayush Varshney, co-founder of Darwin Labs, was arrested for his alleged involvement in the Rs 20,000 crore Gain Bitcoin scam. The scam, masterminded by Amit Bhardwaj, promised high returns to investors and misappropriated funds using cloud mining contracts, with investigations revealing multi-level marketing strategies.
- Country:
- India
In a major development in the Rs 20,000 crore Gain Bitcoin scam, the Central Bureau of Investigation (CBI) has arrested Ayush Varshney, co-founder of Darwin Labs, at the Mumbai airport. The CBI had issued a Look Out Circular, and Varshney’s attempted escape on Monday triggered an alert.
Officials allege that Darwin Labs, under Varshney's leadership, created the technological framework for the fraudulent Gain Bitcoin operations. The scam, led by the now-deceased Amit Bhardwaj, used cryptocurrency investments to lure investors with promises of high returns, only to misappropriate their funds.
The operation relied on a multi-level marketing structure and has led to numerous FIRs across India. Varshney and others are being investigated under multiple sections of the Indian Penal Code and Information Technology Act as the CBI aims to unravel the scam's complexity and international ties.
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