GainBitcoin cryptocurrency Scam: Delhi court grants bail to Darwin Labs CTO Ayush Varshney

A Delhi court has granted bail to Ayush Varshney, co-founder and Chief Technology Officer (CTO) of Darwin Labs Private Limited, who is accused of developing the technological infrastructure used in the alleged GainBitcoin cryptocurrency scam. [Ayush Varshney vs CBI]

Additional Chief Judicial Magistrate (ACJM) Mayank Goel of the Rouse Avenue Court granted bail to Varshney after noting that there was no iota of evidence on record that he had induced any complainant or victim or had received any amount from them as a part of the alleged scam.

The Court said that Varshney has roots in society and satisfies the general conditions for bail, and therefore should not be kept in continued judicial incarceration as a form of punishment even before the filing of the charge sheet.

It added that continued custody was not justified merely because other co-accused were yet to be arrested. It said an accused cannot be kept in custody indefinitely on the ground that the co-accused are absconding and need to be confronted.

...there is no certainty as to when the co-accused persons would be arrested and the liberty of the accused could not be curtailed for an indefinite period on this ground,” the Court said.

The CBI registered the case in 2024 after a Supreme Court order directed that multiple FIRs linked to the alleged scam be clubbed together.

Varshney was arrested on March 10, 2026 after being detained by immigration authorities at Mumbai airport while attempting to travel abroad.

The case relates to the GainBitcoin cryptocurrency scheme operated by Variabletech Pte. Ltd., wherein investors were reportedly induced to invest Bitcoins on the promise of high monthly returns through a purported crypto-mining scheme.

The prosecution claimed that the amounts collected were later diverted and misappropriated.

Varshney is alleged to have been involved in the design, development and deployment of the technological infrastructure connected to the scheme, including GBminers and MCAP.

However, Varshney denied the allegations and maintained that his role was limited to providing technical services.

The Court rejected the prosecution’s contention that the accused could tamper with evidence due to his technical expertise. It noted that Varshney had several opportunities over the years to do so but had not misused them.

It observed that FIRs in the matter had been registered long ago. It also noted that the accused had been granted anticipatory bail in 2019 and that no attempt to tamper with evidence was attributed to him.

The Court further emphasised that while the gravity of the offence is a relevant factor at the time of consideration of bail, it cannot be the sole ground to deny bail.

“The gravity of the offences alleged against the accused would be a factor at the time of consideration of bail but at the same time it cannot be the only criteria for denying bail either. The object of bail is neither punitive nor preventative and same is to secure the presence of accused at the trial,” the Court noted.

In view of these circumstances, the Court granted bail to Varshney subject to strict conditions.

Advocate Dhruv Gupta with Advocates Mayank Sethi, Anubhav Garg, and Yash Raj Mehran, appeared for Varshney.

[Read Order]