The GainBitcoin Ponzi scheme was allegedly floated by a company called Variabletech Pte. Limited, wherein investors were induced to invest in a “fraudulent” cryptocurrency scheme on the promise of high returns. The funds collected by the investors were allegedly misappropriated.A Delhi court on Tuesday granted bail to IIT alumnus Ayush Varshney, co-founder and chief technical officer of Darwin Labs Pvt Ltd, in a case relating to an alleged Rs 20,000-crore cryptocurrency “fraud”.“There is no iota of evidence…that the accused/ applicant had induced any complainant/ victim and received any amount from them… [He] had joined five times the investigation being conducted by ED (Enforcement Directorate) in the connected case…, which shows that accused had no intention to abscond,” Additional Chief Judicial Magistrate (ACJM) Mayank Goel of Rouse Avenue Court said in his order.The CBI, which is investigating allegations relating to the GainBitcoin crypto fraud, had arrested Varshney last month after he was apprehended by Immigration authorities at Mumbai airport.According to the CBI, Varshney’s company was “instrumental in developing the entire technological infrastructure of the fraudulent scheme, including Bitcoin mining pool platform GBMiners.com, BitCoin Payment Gateway, Coin Bank BitCoin wallet and the Gain BitCoin investor facing website”.In his plea for bail, Varshney argued that “If someone else misuses my software, the liability shouldn’t fall on me” in the same way that a shopkeeper who sells a knife could not be held accountable for murder.The GainBitcoin Ponzi scheme was allegedly floated by a company called Variabletech Pte. Limited, wherein investors were induced to invest in a “fraudulent” cryptocurrency scheme on the promise of high returns. The funds collected by the investors were allegedly misappropriated.The online platform was allegedly launched in 2015 by one Amit Bhardwaj, a computer science engineering graduate from Maharashtra, and his associates. It promised investors 10% monthly return for 18 months on Bitcoin investments for the purpose of “cloud mining of bitcoins”.Story continues below this ad“Perusal of record…reveals that accused Amit Bhardwaj was doing the crypto trading or getting the investment from the investors through gainbitcoin.com even before 2016 i.e. before the development of Mining Pool Software App. by M/s Darwin Labs Pvt. Ltd. including accused/ applicant [Varshney],” ACJM Goel said. Nirbhay Thakur is a Senior Correspondent with The Indian Express who primarily covers district courts in Delhi and has reported on the trials of many high-profile cases since 2023. Professional Background Education: Nirbhay is an economics graduate from Delhi University. Beats: His reporting spans the trial courts, and he occasionally interviews ambassadors and has a keen interest in doing data stories. Specializations: He has a specific interest in data stories related to courts. Core Strength: Nirbhay is known for tracking long-running legal sagas and providing meticulous updates on high-profile criminal trials. Recent notable articles In 2025, he has written long form articles and two investigations. Along with breaking many court stories, he has also done various exclusive stories. 1) A long form on Surender Koli, accused in the Nithari serial killings of 2006. He was acquitted after spending 2 decades in jail. was a branded man. Deemed the “cannibal" who allegedly lured children to his employer’s house in Noida, murdered them, and “ate their flesh” – his actions cited were cited as evidence of human depravity at its worst. However, the SC acquitted him finding various lapses in the investigation. The Indian Express spoke to his lawyers and traced the 2 decades journey. 2) For decades, the Jawaharlal Nehru University (JNU) has been at the forefront of the Government’s national rankings, placed at No. 2 over the past two years alone. It has also been the crucible of campus activism, its protests often spilling into national debates, its student leaders going on to become the faces and voices of political parties of all hues and thoughts. The Indian Express looked at all court cases spanning over two decades and did an investigation. 3) Investigation on the 700 Delhi riots cases. The Indian Express found that in 17 of 93 acquittals (which amounted to 85% of the decided cases) in Delhi riots cases, courts red-flag ‘fabricated’ evidence and pulled up the police. Signature Style Nirbhay’s writing is characterized by its procedural depth. He excels at summarizing 400-page chargesheets and complex court orders into digestible news for the general public. X (Twitter): @Nirbhaya99 ... Read MoreStay updated with the latest - Click here to follow us on Instagram© The Indian Express Pvt LtdTags:New Delhi