In a significant development in the ongoing Bitcoin fraud investigation, the Rouse Avenue Court has remanded IIT topper Ayush Varshney to judicial custody until March 30. The arrest marks the first by the Central Bureau of Investigation (CBI) in connection with the case.
Varshney, identified as a co-founder of Darvin Lab, was apprehended at the airport while allegedly attempting to flee to Sri Lanka. Authorities acted on a Look Out Circular (LOC) issued against him.
The accused was produced before Additional Chief Judicial Magistrate Neetu Nagar, who ordered judicial custody. He is facing charges under Sections 406 (criminal breach of trust) and 420 (cheating) of the IPC, along with provisions of the Information Technology Act.
Background: Gain Bitcoin Scheme
According to the CBI, the case is linked to the controversial Gain Bitcoin Scheme, launched in 2015 by Amit Bharadwaj (now deceased), along with his brother Ajay Bhardwaj and their associates.
The scheme allegedly lured investors with promises of fixed monthly returns of up to 10%, raising concerns of a large-scale Ponzi-style operation. Multiple FIRs have been registered by Delhi Police, and parallel investigations are underway by the Enforcement Directorate.
Legal Proceedings Ahead
With Varshney now in judicial custody, the investigation is expected to deepen, particularly around the operational structure of the scheme, fund flows, and the involvement of other key individuals.
