Darwin Labs Private Limited
Last changed 2026-10-10 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 0 → 26. Problems weighed by who is responsible: the subject's own conduct −105, problems around the subject, caused by others −2.8; legitimacy credit long-running +10, regulated +5; no established finding that it defrauded anyone, so it stays out of the red band; fact-check adjustments (−14) now shown as page reliability, not in the score. Version history →
Why this score
| Every page starts at | 65 |
| The subject's own conduct | -105 |
| Problems around it, caused by others | -2.8 |
| Long-running | +10 |
| Regulated | +5 |
| Sum | -28 |
- No established finding that it defrauded anyone, so it stays out of the red band (26 or above).
Score: 26/100 (kept between 0 and 100)
How scoring works →Summary
Darwin Labs Private Limited is an India-registered technology venture studio co-founded by Sahil Baghla, Ayush Varshney, and Nikunj Jain. Indian authorities allege the company designed and built the entire technological infrastructure underpinning the GainBitcoin Ponzi scheme, one of India's largest cryptocurrency frauds, involving approximately 8,000 investors and estimated losses of Rs 6,606 crore (roughly $790 million). Two co-founders were arrested by Pune Police in April 2018, and a third — Ayush Varshney — was arrested by the Central Bureau of Investigation (CBI) in March 2026 after being intercepted at Mumbai airport while allegedly attempting to flee to Sri Lanka.
Connected Entities
4 entities · 60 linked investigations- Ethereum→mentioned with→Bitcoin(60%)
- GainBitcoin→mentioned with→Bitcoin(80%)
- GainBitcoin→mentioned with→Darwin Labs Private Limited(80%)
- Darwin Labs Private Limited→mentioned with→Ethereum(65%)
- Darwin Labs Private Limited→mentioned with→GainBitcoin(70%)
- Darwin Labs Private Limited→mentioned with→Bitcoin(80%)
Timeline(14 events)
2015
GainBitcoin scheme launched by Amit and Ajay Bhardwaj through Singapore-incorporated Variabletech Pte. Ltd., promising 10 percent monthly Bitcoin returns for 18 months via cloud-mining contracts.
Business Standard / CoinTelegraph27 May 2016
Darwin Labs Private Limited formally incorporated in Delhi (CIN: U74999DL2016PTC300577) by co-founders Sahil Baghla, Ayush Varshney, and Nikunj Jain.
IndiaFilings — Darwin Labs Company Registration13 January 2017
CoinJournal publishes analysis raising red flags about GainBitcoin's unsustainable promised returns; Indian exchange Zebpay publicly warns users the scheme is a scam. Darwin Labs CEO Sahil Baghla declines to comment.
CoinJournal5 April 2017
Darwin Labs issues press release via PR Newswire stating it has officially ended its vendor relationship with GBMiners, citing concerns about reputational risk.
PR Newswire2017
GainBitcoin scheme begins collapsing as new investor inflows slow; payouts shift from Bitcoin to the lower-value MCAP token, which Darwin Labs co-founders allegedly helped design and deploy.
Finance Magnates / Inc42March 2018
GainBitcoin alleged mastermind Amit Bhardwaj arrested at Bangkok airport and extradited to Pune by Pune Police.
Inc42April 2018
Darwin Labs co-founders Sahil Baghla and Nikunj Jain arrested by Pune Police; authorities seize approximately 43 Bitcoin, 80 Ethereum, and cash worth roughly $49,800. Ayush Varshney evades arrest and goes underground.
Inc422018
Ayush Varshney receives Forbes 30 Under 30 Asia recognition for work at NashVentures, three years after GainBitcoin's launch and during its active operation.
Phemex2022
Amit Bhardwaj, the alleged mastermind of GainBitcoin, dies of cardiac arrest while hospitalized at Fortis Hospital, Vasant Kunj, before trial completion.
Inc4213 December 2023
Supreme Court of India directs the CBI to investigate all related GainBitcoin FIRs filed across multiple states as a unified common investigating agency.
Press Information Bureau / CoinTelegraph25 February 2025
CBI conducts coordinated searches at over 60 locations across India including Delhi NCR, Pune, Chandigarh, Nanded, Kolhapur, and Bengaluru. Authorities seize cryptocurrencies worth Rs 23.94 crore, hardware wallets, laptops, mobile phones, and digital evidence.
Business Standard / Newsonair9 March 2026
Ayush Varshney intercepted by immigration authorities at Chhatrapati Shivaji Maharaj International Airport, Mumbai, while allegedly attempting to board a flight to Colombo, Sri Lanka; a Look Out Circular had been issued against him as he was classified as absconding.
Press Information Bureau (Government of India)10 March 2026
CBI formally arrests Ayush Varshney, co-founder and CTO of Darwin Labs Private Limited, in connection with the GainBitcoin cryptocurrency fraud case. This is described as the CBI's first arrest under its consolidated investigative mandate.
Press Information Bureau / Business Standard / Newsonair11 March 2026
Delhi court remands Ayush Varshney to judicial custody until March 30, 2026. CBI signals further arrests are planned as the investigation into remaining co-founders and associated individuals continues.
ProKerala / Deccan HeraldDecision Log
- slot 457788929 · hash kYShqLWrwjU9EXZDn2VsX9D7mhGoeUcAa11KRwzEwV4
- slot 455359196 · hash 4m1aBE45CoQFNsxgse8oYuaq7RK4R8GFbgv2x1m9JTeu
- slot 443512290 · hash E6gW5R4PSNoxosouc7YQQoQ9WeujcBpoSzJy4NqxcXtt
- slot 443512286 · hash 25AXeEviSY1nxGoBr8rkTW1WSfrbN2AfRJwrECie8bi5
- slot 427066726 · hash 2ismKy6acwTZgTYpcBm3zEBSE74Mi9wunWJy5WoewRNe
This investigation is cryptographically anchored to the Solana blockchain (5 decisions). 23 of 28 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 6/17/2026, 12:06:06 PM
last updated: 10/10/2026, 6:40:40 PM
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