Darwin Labs Private Limited

2015-01-01

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.

2016-05-27

Darwin Labs Private Limited formally incorporated in Delhi (CIN: U74999DL2016PTC300577) by co-founders Sahil Baghla, Ayush Varshney, and Nikunj Jain.

2017-01-13

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.

2017-04-05

Darwin Labs issues press release via PR Newswire stating it has officially ended its vendor relationship with GBMiners, citing concerns about reputational risk.

2017-01-01

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.

2018-03-01

GainBitcoin alleged mastermind Amit Bhardwaj arrested at Bangkok airport and extradited to Pune by Pune Police.

2018-04-01

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.

2018-01-01

Ayush Varshney receives Forbes 30 Under 30 Asia recognition for work at NashVentures, three years after GainBitcoin's launch and during its active operation.

2022-01-01

Amit Bhardwaj, the alleged mastermind of GainBitcoin, dies of cardiac arrest while hospitalized at Fortis Hospital, Vasant Kunj, before trial completion.

2023-12-13

Supreme Court of India directs the CBI to investigate all related GainBitcoin FIRs filed across multiple states as a unified common investigating agency.

2025-02-25

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.

2026-03-09

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.

2026-03-10

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.

2026-03-11

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.