Audit log

Every state-changing event for GainBitcoin: moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions carry three independent witnesses — the original source, an Internet Archive snapshot taken at submission time, and a Solana memo signed by our publicly-disclosed publisher key.

1. #1publishby system:backfill

   2026-05-31 18:20:57Z
   Score: ? → ? (no score change)
   anchoranchored

   chain

   ●mainnet-betaslot 423,427,625

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   39eCRzDBU2a9…k5jRRHkHcopyexplorer ↗

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   AoPEE7iykmgv…bbbwJFh4copysha256 → base58

   verifying row…full verify ↗

   canonical bytes (31710 B) ▸

   {"actor":"system:backfill","investigation_id":"a510fad0-5d01-47db-943e-afdd1eb67359","kind":"publish","page_slug":"gainbitcoin","published_at":"2026-05-31T18:20:57.280Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"GainBitcoin","sections":[{"content":"GainBitcoin operated under the corporate umbrella of Variabletech Pte. Ltd., registered in Singapore. The scheme launched around 2015 and marketed cloud mining contracts that allegedly entitled investors to a 10% monthly return in Bitcoin for 18 months. Investors were directed to purchase Bitcoin from exchanges and deposit it with GainBitcoin. The investment model incorporated a multi-level marketing (MLM) pyramid structure in which existing investors were incentivized to recruit new participants, whose funds were used to pay earlier investors — a structure consistent with a classic Ponzi scheme. Amit Bhardwaj positioned himself at the apex of the network, assisted by a tier of approximately seven senior promoters referred to internally as 'Seven Stars,' who managed investor recruitment across India and overseas. Related platforms included GBMiners.com, a Bitcoin mining pool, and GB21, an exchange-adjacent service. Darwin Labs Private Limited, a Gurugram-based technology company co-founded by Sahil Baghla, Nikunj Jain, and Ayush Varshney, allegedly developed the full technical infrastructure for the scheme — including the GainBitcoin investor website, the GBMiners mining pool platform, a Bitcoin payment gateway, and the Coin Bank Bitcoin wallet — in exchange for an alleged 20% cut of proceeds.","heading":"Scheme Structure and Operations","severity":"critical","sources":[{"credibility":2,"name":"GainBitcoin Scam: How India's Biggest Crypto Ponzi Scheme May Run In Trillions — Outlook Business","type":"news_article","url":"https://www.outlookbusiness.com/news/gainbitcoin-scam-how-india-s-biggest-crypto-ponzi-scheme-may-run-in-trillions-news-203208"},{"credibility":2,"name":"Supreme Court Transfers GainBitcoin Cases to CBI — LiveLaw","type":"news_article","url":"https://www.livelaw.in/top-stories/gain-bitcoin-crtyptocurrency-scam-supreme-court-transfers-cases-to-cbi-trials-shifted-to-delhi-cbi-court-244459"},{"credibility":2,"name":"CBI Arrests Darwin Labs Co-Founder in GainBitcoin Scam — Inc42","type":"news_article","url":"https://inc42.com/buzz/gainbitcoin-scam-cbi-arrests-darwin-labs-cofounder-ayush-varshney/"},{"credibility":2,"name":"Darwin Labs Founders Arrested in Amit Bhardwaj's Cryptocurrency Scam — Entrackr","type":"news_article","url":"https://entrackr.com/2018/04/sahil-baghla-nikunj-jain-arrested/"}]},{"content":"As new investor inflows slowed materially in late 2017, GainBitcoin was unable to sustain promised Bitcoin payouts. Rather than acknowledging insolvency, the operators allegedly switched payout obligations from Bitcoin to MCAP, an in-house ERC-20 cryptocurrency token whose design and smart contract were developed by Darwin Labs. MCAP traded at a fraction of the value of Bitcoin, substantially diminishing investor returns. Investors who had enrolled expecting Bitcoin-denominated payments received MCAP tokens instead, deepening losses. Investigators have characterized this substitution as deliberate misappropriation rather than a contractual adjustment. By 2018, the scheme had effectively collapsed and law enforcement began making arrests.","heading":"MCAP Token and Scheme Collapse","severity":"critical","sources":[{"credibility":2,"name":"GainBitcoin REBOOT: Amit Bhardwaj to terminate all contracts as MCAP nosedives — FactorDaily (archived)","type":"news_article","url":"https://archive.factordaily.com/gainbitcoin-mcap-token-value-crashes/"},{"credibility":3,"name":"Accused Indian Bitcoin Mining Scam involving GainBitcoin and MCAP — Blockchaind.Net","type":"news_article","url":"https://blockchaind.net/indian-bitcoin-mining-scam-gainbitcoin-mcap/"},{"credibility":2,"name":"$790 Million Alleged Losses Linked to GainBitcoin as CBI Arrests Darwin Labs Co-Founder — Finance Magnates","type":"news_article","url":"https://www.financemagnates.com/trending/790-million-alleged-losses-linked-to-gainbitcoin-as-cbi-arrests-darwin-labs-co-founder/"}]},{"content":"Authorities and media sources have published a wide range of loss estimates, reflecting different datasets and valuation dates. The Enforcement Directorate's formal PMLA filings reference approximately 80,000 bitcoins as the principal proceeds of crime, valued at roughly Rs 6,600 crore (approximately $790 million at 2024–2025 exchange rates). The CBI's official FIR describes 80,000 bitcoins collected worth Rs 6,606 crore. The Supreme Court consolidation order in December 2023 referenced 87,000 bitcoins worth Rs 20,000 crore. Some civil petitioners and media estimates place the figure significantly higher — between 395,000 and 600,000 BTC — based on total platform throughput, which would imply losses in excess of Rs 1 lakh crore at current valuations. The number of investors affected is disputed: ED filings reference approximately 8,000 known complainants, while Pune Police tracked over 60,000 user IDs, and broader estimates cite up to 100,000 victims. The wide variation in estimates is attributable to the opacity of the scheme's on-chain records and the absence of trial-stage judicial findings.","heading":"Scale of Alleged Losses","severity":"critical","sources":[{"credibility":1,"name":"CBI Registers FIR Against Amit Bhardwaj, Ajay Bhardwaj, and Others in Bitcoin-Based Ponzi Scam — DD News On Air (Government of India)","type":"regulatory","url":"https://www.newsonair.gov.in/cbi-registers-fir-against-amit-bhardwaj-ajay-bhardwaj-and-others-in-bitcoin-based-ponzi-scam/"},{"credibility":2,"name":"GainBitcoin Scam: How India's Biggest Crypto Ponzi Scheme May Run In Trillions — Outlook Business","type":"news_article","url":"https://www.outlookbusiness.com/news/gainbitcoin-scam-how-india-s-biggest-crypto-ponzi-scheme-may-run-in-trillions-news-203208"},{"credibility":2,"name":"All FIRs in Bitcoin Scam Should Be Consolidated: Supreme Court — ANI","type":"news_article","url":"https://aninews.in/news/national/general-news/all-firs-filed-in-relation-to-bitcoin-scam-should-be-consolidated-sc20231213191101/"}]},{"content":"On approximately March 30, 2018, Amit Bhardwaj was arrested by the Delhi Police cyber unit and subsequently transferred to Pune for interrogation. The Pune Police cyber cell made further arrests in April 2018, including Bhardwaj's associates and Darwin Labs co-founders Sahil Baghla and Nikunj Jain, bringing the total number of arrested individuals to at least eight. The applicable charges included Sections 120B (criminal conspiracy), 406 (criminal breach of trust), and 420 (cheating) of the Indian Penal Code, as well as Section 66 of the Information Technology Act, 2000. In June 2018, Pune Police filed two separate chargesheets against Bhardwaj and eight co-accused. The scheme had by this point attracted approximately 40 to 46 FIRs registered across multiple Indian states, primarily Maharashtra and Punjab. Amit Bhardwaj was granted interim bail by the Supreme Court in April 2019 on health grounds, subject to conditions including a personal bond of Rs 1 lakh and a deposit of Rs 10 crore. Darwin Labs co-founders Baghla and Jain were granted bail by the Bombay High Court in July 2019.","heading":"Arrests and Criminal Proceedings (2018)","severity":"critical","sources":[{"credibility":2,"name":"Police in India Crack $300M GainBitcoin Scam — CoinGeek","type":"news_article","url":"https://coingeek.com/police-india-cracking-case-300-million-gainbitcoin-scam/"},{"credibility":2,"name":"Amit Bhardwaj and the Massive GainBitcoin Scam: Investigation Timeline — Inc42","type":"news_article","url":"https://inc42.com/features/gainbitcoin-scam-amit-bhardwaj-and-the-massive-case-investigation-timeline/"},{"credibility":2,"name":"Darwin Labs Founders Arrested — Entrackr","type":"news_article","url":"https://entrackr.com/2018/04/sahil-baghla-nikunj-jain-arrested/"},{"credibility":2,"name":"Amit Bhardwaj — Wikipedia","type":"other","url":"https://en.wikipedia.org/wiki/Amit_Bhardwaj"}]},{"content":"The Enforcement Directorate (ED) registered a case under the Prevention of Money Laundering Act (PMLA) against GainBitcoin, Amit Bhardwaj, and associates. In September 2018, the ED attached assets worth Rs 42.88 crore comprising six offices of Bhardwaj in Dubai, residential flats in India, and bank balances belonging to two marketing agents. By 2025 the ED had attached total properties estimated at Rs 97.79 crore, including assets linked to Raj Kundra. In September 2025, the ED filed a chargesheet (prosecution complaint) against businessman Raj Kundra, husband of actress Shilpa Shetty, alleging he received 285 bitcoins directly from Amit Bhardwaj purportedly for establishing a Bitcoin mining operation in Ukraine that never materialized. The ED alleged Kundra retained the digital assets, engaged in layering via a below-market property transaction with his wife, and deliberately withheld cryptocurrency wallet data by claiming his iPhone was damaged. A special PMLA court in Mumbai summoned Kundra and co-accused Dubai-based businessman Rajesh Satija. Ajay Bhardwaj and Mahender Bhardwaj remain fugitives; the ED has alleged they escaped during search operations with the alleged assistance of Simpy Bhardwaj, wife of Ajay Bhardwaj.","heading":"Enforcement Directorate Investigation and Asset Attachment","severity":"high","sources":[{"credibility":1,"name":"ED Attaches Assets Worth Rs 42.88 Crore in GainBitcoin Ponzi Scheme — Business Standard","type":"news_article","url":"https://www.business-standard.com/article/pti-stories/bitcoin-case-ed-attaches-rs-42-88-cr-assets-including-multiple-flats-in-dubai-118092100939_1.html"},{"credibility":2,"name":"ED Charges Raj Kundra for Holding 285 Bitcoins from GainBitcoin Scam — MoneyCheck","type":"news_article","url":"https://moneycheck.com/ed-charges-raj-kundra-for-holding-285-bitcoins-from-gainbitcoin-scam/"},{"credibility":2,"name":"GainBitcoin Scam: PMLA Court Summons Raj Kundra After ED Files Chargesheet — Inc42","type":"news_article","url":"https://inc42.com/buzz/gainbitcoin-scam-pmla-court-summons-raj-kundra-after-ed-files-chargesheet/"},{"credibility":2,"name":"Rs 6,600 Crore Bitcoin Scam: ED Files Supplementary Prosecution Complaint; Main Accused Remain Absconding — Free Press Journal","type":"news_article","url":"https://www.freepressjournal.in/mumbai/6600-crore-bitcoin-scam-ed-files-supplementary-prosecution-complaint-under-pmla-main-accused-remain-absconding"}]},{"content":"In December 2023, a Supreme Court bench comprising Chief Justice D.Y. Chandrachud, Justice J.B. Pardiwala, and Justice Manoj Misra ordered the consolidation of all FIRs related to the GainBitcoin scheme and their transfer to the CBI for investigation, citing the multi-state and international scope of the case. Trial proceedings were directed to be conducted at the Rouse Avenue CBI Court in New Delhi. The case had previously been handled separately by Pune Police and police forces in several other states, creating jurisdictional fragmentation.","heading":"Supreme Court Intervention and CBI Transfer (2023)","severity":"high","sources":[{"credibility":1,"name":"GainBitcoin Scam: SC Transfers Cases to CBI; Trials Shifted to Delhi — LiveLaw","type":"regulatory","url":"https://www.livelaw.in/top-stories/gain-bitcoin-crtyptocurrency-scam-supreme-court-transfers-cases-to-cbi-trials-shifted-to-delhi-cbi-court-244459"},{"credibility":2,"name":"All FIRs in Bitcoin Scam Should Be Consolidated: Supreme Court — ANI","type":"news_article","url":"https://aninews.in/news/national/general-news/all-firs-filed-in-relation-to-bitcoin-scam-should-be-consolidated-sc20231213191101/"},{"credibility":2,"name":"GainBitcoin Scam: Supreme Court Orders CBI to Conduct Probe — Inc42","type":"news_article","url":"https://inc42.com/buzz/gainbitcoin-scam-supreme-court-orders-cbi-to-conduct-a-probe/"}]},{"content":"On February 25–26, 2025, the CBI conducted coordinated searches at over 60 locations across India in connection with the GainBitcoin investigation. Operations spanned Delhi NCR, Pune, Nanded, Kolhapur, Mumbai, Bengaluru, Chandigarh, Mohali, Jhansi, and Hubli. Seized items included multiple hardware cryptocurrency wallets containing digital assets worth Rs 23.94 crore (approximately $2.75–2.8 million at the time), 121 documents, 34 laptops and hard disks, 12 mobile phones, and messaging data. The raids marked the CBI's first major investigative action following the Supreme Court transfer.","heading":"CBI Nationwide Raids (February 2025)","severity":"high","sources":[{"credibility":1,"name":"CBI Conducts Raids at 60 Locations in Rs 6,600 Cr GainBitcoin Crypto Scam — Business Standard","type":"news_article","url":"https://www.business-standard.com/india-news/cbi-conducts-raids-at-60-locations-in-rs-6-600-cr-gainbitcoin-crypto-scam-125022500996_1.html"},{"credibility":2,"name":"CBI Seizes Cryptocurrencies Worth Rs 23.94 Crore Following Searches at 60 Locations — India TV News","type":"news_article","url":"https://www.indiatvnews.com/business/news/cbi-seizes-cryptocurrencies-worth-over-rs-23-94-crore-following-searches-at-60-locations-gainbitcoin-scam-2025-02-27-978199"},{"credibility":1,"name":"CBI Raids at Over 60 Locations in Cryptocurrency Scam — DD News On Air (Government of India)","type":"regulatory","url":"https://www.newsonair.gov.in/cbi-raids-at-over-60-locations-across-the-country-in-cryptocurrency-scam/"}]},{"content":"On March 9, 2026, immigration authorities at Chhatrapati Shivaji Maharaj International Airport in Mumbai intercepted Ayush Varshney, co-founder and CTO of Darwin Labs Private Limited, as he attempted to board a flight to Sri Lanka. A Look Out Circular had been issued against him. The CBI formally arrested Varshney on March 10, 2026 — the agency's first custodial arrest since the Supreme Court transferred the cases to it in December 2023. The CBI alleged that Darwin Labs received a 20% cut from GainBitcoin's operations in exchange for building the scheme's entire technology stack, including the GainBitcoin website, GBMiners mining pool, Bitcoin payment gateway, Coin Bank wallet, and the MCAP ERC-20 token. Varshney had previously appeared on the Forbes 30 Under 30 Asia list. On April 7, 2026, the Rouse Avenue Court's Additional Chief Judicial Magistrate Mayank Goel granted Varshney bail, finding that there was 'no iota of evidence on record that the accused had induced any complainant or received any amount from them as a part of the alleged scam,' though the court imposed unspecified strict conditions.","heading":"CBI First Arrest: Ayush Varshney (March 2026)","severity":"high","sources":[{"credibility":1,"name":"CBI Makes First Arrest in Rs 20,000-Cr Bitcoin Scam, Accused Held at Airport Before Sri Lanka Escape — The Print","type":"news_article","url":"https://theprint.in/india/cbi-makes-first-arrest-in-rs-20000-cr-bitcoin-scam-accused-held-from-airport-before-sri-lanka-escape/2875617/"},{"credibility":1,"name":"CBI Arrests Darwin Labs Co-Founder in GainBitcoin Scam — Business Standard","type":"news_article","url":"https://www.business-standard.com/india-news/cbi-arrests-darwin-labs-co-founder-in-20-000-cr-gain-bitcoin-scam-case-126031100423_1.html"},{"credibility":2,"name":"GainBitcoin Cryptocurrency Scam: Delhi Court Grants Bail to Darwin Labs CTO Ayush Varshney — Bar and Bench","type":"news_article","url":"https://www.barandbench.com/amp/story/news/gainbitcoin-cryptocurrency-scam-delhi-court-grants-bail-to-darwin-labs-cto-ayush-varshney"},{"credibility":2,"name":"CBI Arrests Darwin Labs CTO in GainBitcoin Fraud Investigation — Cointelegraph","type":"news_article","url":"https://cointelegraph.com/news/india-arrests-darwin-labs-co-founder-in-gainbitcoin-scam-probe"},{"credibility":2,"name":"India Arrests Suspect in Alleged GainBitcoin Ponzi Scheme at Mumbai Airport — The Block","type":"news_article","url":"https://www.theblock.co/post/393273/india-arrests-suspect-alleged-multi-year-gainbitcoin-ponzi-scheme-mumbai-airport"},{"credibility":1,"name":"CBI Arrests Key Person in Multi-Thousand Crore GainBitcoin Cryptocurrency Scam — PIB (Government of India)","type":"regulatory","url":"https://www.pib.gov.in/PressReleseDetailm.aspx?PRID=2238160&reg=6&lang=1"}]},{"content":"Amit Bhardwaj died on January 15, 2022, aged 38, from cardiac arrest preceded by kidney ailments, while out on bail and before the case proceeded to trial. Born January 17, 1983, Bhardwaj held a B.Tech in Computer Science from Mahatma Gandhi Mission's College of Engineering and Technology (Nanded) and had authored a book on cryptocurrency that was later criticized as an instrument of his promotional activities. His death left the primary accused absent from proceedings, complicating the prosecution. His brothers Ajay Bhardwaj and Mahender Bhardwaj remain absconding as of mid-2026.","heading":"Death of Amit Bhardwaj","severity":"medium","sources":[{"credibility":2,"name":"Amit Bhardwaj — Wikipedia","type":"other","url":"https://en.wikipedia.org/wiki/Amit_Bhardwaj"},{"credibility":2,"name":"Indian Law Enforcement Arrests Key Suspect in GainBitcoin Scam Year After Mastermind's Death — CryptoNews","type":"news_article","url":"https://cryptonews.com/news/key-player-in-gainbitcoin-scam-arrested-year-after-masterminds-death/"}]},{"content":"Key co-accused Ajay Bhardwaj (Amit's brother and alleged chief promoter) and Mahender Bhardwaj remain at large as of 2026. The ED has alleged they fled during search operations with alleged assistance from Simpy Bhardwaj, wife of Ajay Bhardwaj. Investigators have traced proceeds to Dubai, China, and Hong Kong. The ED had earlier attached six of Amit Bhardwaj's offices in Dubai as part of its PMLA proceedings and has sought cooperation from foreign jurisdictions. Dubai-based businessman Rajesh Satija has also been named as a co-accused in the ED's chargesheet.","heading":"Fugitive Co-Accused and International Dimensions","severity":"high","sources":[{"credibility":2,"name":"Rs 6,600 Crore Bitcoin Scam: ED Files Supplementary Prosecution Complaint; Main Accused Remain Absconding — Free Press Journal","type":"news_article","url":"https://www.freepressjournal.in/mumbai/6600-crore-bitcoin-scam-ed-files-supplementary-prosecution-complaint-under-pmla-main-accused-remain-absconding"},{"credibility":2,"name":"Bitcoin Scam: ED Attaches Rs 10.63 Crore Dubai Assets — Inc42","type":"news_article","url":"https://inc42.com/buzz/bitcoin-scam-ed-attaches-inr-10-63-cr-dubai-assets/"},{"credibility":1,"name":"ED Attaches Assets Worth Rs 42.88 Crore Including Flats in Dubai — Business Standard","type":"news_article","url":"https://www.business-standard.com/article/pti-stories/bitcoin-case-ed-attaches-rs-42-88-cr-assets-including-multiple-flats-in-dubai-118092100939_1.html"}]},{"content":"As of mid-2026, the GainBitcoin case remains under active CBI investigation and ED prosecution, with trials directed to proceed at Rouse Avenue Court, New Delhi. No trial verdict has been issued. The case has been notable as one of India's first large-scale cryptocurrency fraud prosecutions and contributed to broader regulatory discussions in India about digital asset oversight. Over 46 FIRs were registered across multiple states before the Supreme Court ordered consolidation. The ED's PMLA proceedings are ongoing, with multiple supplementary chargesheets filed. Key accused Ajay Bhardwaj and Mahender Bhardwaj remain fugitives.","heading":"Regulatory and Judicial Status","severity":"medium","sources":[{"credibility":1,"name":"GainBitcoin Scam: SC Transfers Cases to CBI; Trials Shifted to Delhi — LiveLaw","type":"regulatory","url":"https://www.livelaw.in/top-stories/gain-bitcoin-crtyptocurrency-scam-supreme-court-transfers-cases-to-cbi-trials-shifted-to-delhi-cbi-court-244459"},{"credibility":1,"name":"GainBitcoin Cryptocurrency Scam.pdf — Indian Institute of Corporate Affairs (IICA)","type":"research","url":"https://iica.nic.in/images/GainBitcoin_Cryptocurrency-Scam.pdf"}]}],"sources_used":[{"credibility":2,"name":"Amit Bhardwaj — Wikipedia","type":"other","url":"https://en.wikipedia.org/wiki/Amit_Bhardwaj"},{"credibility":1,"name":"CBI Registers FIR Against Amit Bhardwaj and Others — DD News On Air (Government of India)","type":"regulatory","url":"https://www.newsonair.gov.in/cbi-registers-fir-against-amit-bhardwaj-ajay-bhardwaj-and-others-in-bitcoin-based-ponzi-scam/"},{"credibility":1,"name":"CBI Raids at Over 60 Locations — DD News On Air (Government of India)","type":"regulatory","url":"https://www.newsonair.gov.in/cbi-raids-at-over-60-locations-across-the-country-in-cryptocurrency-scam/"},{"credibility":1,"name":"CBI Arrests Key Person in GainBitcoin Cryptocurrency Scam — PIB (Government of India)","type":"regulatory","url":"https://www.pib.gov.in/PressReleseDetailm.aspx?PRID=2238160&reg=6&lang=1"},{"credibility":1,"name":"GainBitcoin Scam: SC Transfers Cases to CBI — LiveLaw","type":"regulatory","url":"https://www.livelaw.in/top-stories/gain-bitcoin-crtyptocurrency-scam-supreme-court-transfers-cases-to-cbi-trials-shifted-to-delhi-cbi-court-244459"},{"credibility":1,"name":"CBI Conducts Raids at 60 Locations in Rs 6,600 Cr GainBitcoin Crypto Scam — Business Standard","type":"news_article","url":"https://www.business-standard.com/india-news/cbi-conducts-raids-at-60-locations-in-rs-6-600-cr-gainbitcoin-crypto-scam-125022500996_1.html"},{"credibility":1,"name":"CBI Arrests Darwin Labs Co-Founder in GainBitcoin Scam — Business Standard","type":"news_article","url":"https://www.business-standard.com/india-news/cbi-arrests-darwin-labs-co-founder-in-20-000-cr-gain-bitcoin-scam-case-126031100423_1.html"},{"credibility":1,"name":"ED Attaches Assets Worth Rs 42.88 Crore Including Dubai Flats — Business Standard","type":"news_article","url":"https://www.business-standard.com/article/pti-stories/bitcoin-case-ed-attaches-rs-42-88-cr-assets-including-multiple-flats-in-dubai-118092100939_1.html"},{"credibility":1,"name":"CBI Makes First Arrest in Rs 20,000-Cr Bitcoin Scam — The Print","type":"news_article","url":"https://theprint.in/india/cbi-makes-first-arrest-in-rs-20000-cr-bitcoin-scam-accused-held-from-airport-before-sri-lanka-escape/2875617/"},{"credibility":2,"name":"GainBitcoin Cryptocurrency Scam: Delhi Court Grants Bail to Ayush Varshney — Bar and Bench","type":"news_article","url":"https://www.barandbench.com/amp/story/news/gainbitcoin-cryptocurrency-scam-delhi-court-grants-bail-to-darwin-labs-cto-ayush-varshney"},{"credibility":2,"name":"GainBitcoin Scam: PMLA Court Summons Raj Kundra After ED Files Chargesheet — Inc42","type":"news_article","url":"https://inc42.com/buzz/gainbitcoin-scam-pmla-court-summons-raj-kundra-after-ed-files-chargesheet/"},{"credibility":2,"name":"ED Charges Raj Kundra for 285 Bitcoins from GainBitcoin Scam — MoneyCheck","type":"news_article","url":"https://moneycheck.com/ed-charges-raj-kundra-for-holding-285-bitcoins-from-gainbitcoin-scam/"},{"credibility":2,"name":"GainBitcoin Scam: How India's Biggest Crypto Ponzi Scheme May Run In Trillions — Outlook Business","type":"news_article","url":"https://www.outlookbusiness.com/news/gainbitcoin-scam-how-india-s-biggest-crypto-ponzi-scheme-may-run-in-trillions-news-203208"},{"credibility":2,"name":"CBI Arrests Darwin Labs CTO in GainBitcoin Fraud — Cointelegraph","type":"news_article","url":"https://cointelegraph.com/news/india-arrests-darwin-labs-co-founder-in-gainbitcoin-scam-probe"},{"credibility":2,"name":"India Arrests Suspect in GainBitcoin Ponzi Scheme at Mumbai Airport — The Block","type":"news_article","url":"https://www.theblock.co/post/393273/india-arrests-suspect-alleged-multi-year-gainbitcoin-ponzi-scheme-mumbai-airport"},{"credibility":2,"name":"Darwin Labs Founders Arrested in Amit Bhardwaj's Cryptocurrency Scam — Entrackr","type":"news_article","url":"https://entrackr.com/2018/04/sahil-baghla-nikunj-jain-arrested/"},{"credibility":2,"name":"Police in India Crack $300M GainBitcoin Scam — CoinGeek","type":"news_article","url":"https://coingeek.com/police-india-cracking-case-300-million-gainbitcoin-scam/"},{"credibility":2,"name":"All FIRs in Bitcoin Scam Should Be Consolidated: Supreme Court — ANI","type":"news_article","url":"https://aninews.in/news/national/general-news/all-firs-filed-in-relation-to-bitcoin-scam-should-be-consolidated-sc20231213191101/"},{"credibility":2,"name":"Rs 6,600 Crore Bitcoin Scam: ED Files Supplementary Complaint; Main Accused Absconding — Free Press Journal","type":"news_article","url":"https://www.freepressjournal.in/mumbai/6600-crore-bitcoin-scam-ed-files-supplementary-prosecution-complaint-under-pmla-main-accused-remain-absconding"},{"credibility":1,"name":"GainBitcoin Cryptocurrency Scam PDF — Indian Institute of Corporate Affairs (IICA), Government of India","type":"research","url":"https://iica.nic.in/images/GainBitcoin_Cryptocurrency-Scam.pdf"},{"credibility":2,"name":"$790 Million Alleged Losses Linked to GainBitcoin as CBI Arrests Darwin Labs Co-Founder — Finance Magnates","type":"news_article","url":"https://www.financemagnates.com/trending/790-million-alleged-losses-linked-to-gainbitcoin-as-cbi-arrests-darwin-labs-co-founder/"},{"credibility":2,"name":"Indian Law Enforcement Arrests Alleged Mastermind Behind $2.1B GainBitcoin Ponzi Scheme — CCN","type":"news_article","url":"https://www.ccn.com/news/crypto/indian-law-agency-arrest-mastermind-behind-2b-gainbitcoin-ponzi-scheme/"}],"summary":"GainBitcoin was an alleged cryptocurrency Ponzi scheme launched in 2015 by Amit Bhardwaj and associates through Singapore-registered Variabletech Pte. Ltd., promising investors 10% monthly returns in Bitcoin over 18 months via purported cloud mining contracts. Indian authorities estimate the scheme defrauded tens of thousands of investors of approximately 80,000 bitcoins valued at roughly Rs 6,600 crore (approximately $790 million), with some estimates placing total losses significantly higher. Bhardwaj was arrested in 2018, died on bail in January 2022, and the Central Bureau of Investigation (CBI) continues to pursue co-accused, securing its first custodial arrest in March 2026.","timeline":[{"date":"2015-01-01","event":"GainBitcoin scheme launched by Amit Bhardwaj and associates through Variabletech Pte. Ltd. (Singapore), promising 10% monthly Bitcoin returns for 18 months via cloud mining contracts.","source":"Inc42 / Outlook Business","source_url":"https://inc42.com/features/gainbitcoin-scam-amit-bhardwaj-and-the-massive-case-investigation-timeline/"},{"date":"2016-01-01","event":"Darwin Labs Private Limited founded in Gurugram by Sahil Baghla, Nikunj Jain, and Ayush Varshney. The firm allegedly develops the full technology stack for GainBitcoin in exchange for a 20% revenue share.","source":"Inc42","source_url":"https://inc42.com/features/gainbitcoin-scam-amit-bhardwaj-and-the-massive-case-investigation-timeline/"},{"date":"2017-12-01","event":"Bitcoin prices peak; investors begin to realize promised returns are not materializing and that the Ponzi structure is collapsing. GainBitcoin begins switching payouts from Bitcoin to the lower-value MCAP token.","source":"FactorDaily (archived) / Inc42","source_url":"https://archive.factordaily.com/gainbitcoin-mcap-token-value-crashes/"},{"date":"2018-03-30","event":"Amit Bhardwaj arrested by Delhi Police cyber cell and transferred to Pune for questioning.","source":"Inc42 Investigation Timeline","source_url":"https://inc42.com/features/gainbitcoin-scam-amit-bhardwaj-and-the-massive-case-investigation-timeline/"},{"date":"2018-04-01","event":"Pune Police cyber cell arrests multiple individuals including Darwin Labs co-founders Sahil Baghla and Nikunj Jain. Total arrested reaches at least eight persons.","source":"Entrackr","source_url":"https://entrackr.com/2018/04/sahil-baghla-nikunj-jain-arrested/"},{"date":"2018-06-01","event":"Pune Police files two separate chargesheets against Amit Bhardwaj and eight other accused under IPC Sections 120B, 406, 420, and IT Act Section 66.","source":"CoinGeek","source_url":"https://coingeek.com/police-india-cracking-case-300-million-gainbitcoin-scam/"},{"date":"2018-09-21","event":"Enforcement Directorate attaches assets worth Rs 42.88 crore including six Dubai offices and Indian properties belonging to Amit Bhardwaj and marketing agents.","source":"Business Standard","source_url":"https://www.business-standard.com/article/pti-stories/bitcoin-case-ed-attaches-rs-42-88-cr-assets-including-multiple-flats-in-dubai-118092100939_1.html"},{"date":"2019-04-03","event":"Supreme Court grants Amit Bhardwaj interim bail on health grounds, requiring a Rs 10 crore deposit and weekly police station attendance.","source":"Inc42 Investigation Timeline","source_url":"https://inc42.com/features/gainbitcoin-scam-amit-bhardwaj-and-the-massive-case-investigation-timeline/"},{"date":"2019-07-01","event":"Bombay High Court grants bail to Darwin Labs co-founders Nikunj Jain and Sahil Baghla, ordering them to file affidavits for releasing Rs 25 lakh to investors.","source":"Inc42 Investigation Timeline","source_url":"https://inc42.com/features/gainbitcoin-scam-amit-bhardwaj-and-the-massive-case-investigation-timeline/"},{"date":"2022-01-15","event":"Amit Bhardwaj dies of cardiac arrest at age 38 while on bail, prior to trial commencing.","source":"Wikipedia / CryptoNews","source_url":"https://en.wikipedia.org/wiki/Amit_Bhardwaj"},{"date":"2023-12-12","event":"Supreme Court bench led by Chief Justice D.Y. Chandrachud transfers all GainBitcoin FIRs to the CBI and directs trial to be held at Rouse Avenue Court, New Delhi.","source":"LiveLaw","source_url":"https://www.livelaw.in/top-stories/gain-bitcoin-crtyptocurrency-scam-supreme-court-transfers-cases-to-cbi-trials-shifted-to-delhi-cbi-court-244459"},{"date":"2025-02-25","event":"CBI conducts coordinated searches at over 60 locations across India, seizing hardware wallets with Rs 23.94 crore in cryptocurrency, 34 laptops/hard disks, and 121 documents.","source":"Business Standard / DD News On Air","source_url":"https://www.business-standard.com/india-news/cbi-conducts-raids-at-60-locations-in-rs-6-600-cr-gainbitcoin-crypto-scam-125022500996_1.html"},{"date":"2025-09-27","event":"Enforcement Directorate files chargesheet against Raj Kundra before a special PMLA court in Mumbai, alleging he retained 285 bitcoins worth Rs 150 crore received from Amit Bhardwaj.","source":"Inc42 / MoneyCheck","source_url":"https://inc42.com/buzz/gainbitcoin-scam-pmla-court-summons-raj-kundra-after-ed-files-chargesheet/"},{"date":"2026-03-09","event":"Ayush Varshney, co-founder and CTO of Darwin Labs, intercepted at Mumbai airport attempting to depart for Sri Lanka; a Look Out Circular had been issued against him.","source":"The Print / Business Standard","source_url":"https://theprint.in/india/cbi-makes-first-arrest-in-rs-20000-cr-bitcoin-scam-accused-held-from-airport-before-sri-lanka-escape/2875617/"},{"date":"2026-03-10","event":"CBI formally arrests Ayush Varshney — the first custodial arrest by the CBI since taking over the case.","source":"PIB Government of India / CBI press release","source_url":"https://www.pib.gov.in/PressReleseDetailm.aspx?PRID=2238160&reg=6&lang=1"},{"date":"2026-04-07","event":"Rouse Avenue Court grants bail to Ayush Varshney, finding no direct evidence that he induced investors or received funds from victims.","source":"Bar and Bench","source_url":"https://www.barandbench.com/amp/story/news/gainbitcoin-cryptocurrency-scam-delhi-court-grants-bail-to-darwin-labs-cto-ayush-varshney"}]},"v":1}

   Verify offline (run on your own machine)

   python -m src.verify_decision f175dba3-84d7-4bad-890f-ad9c0f2cbfa0copy