Key Takeaways
- • Rajasthan Police arrested Suresh Saini for orchestrating a multi-layered fraud scheme that defrauded approximately 82,000 investors of ₹2 crore through fake cryptocurrency and luxury vehicle investment platforms.
- • The accused, operating with co-conspirators including software developer Rajnish Kumar and primary architect Banshilal alias Prince Saini, created fraudulent websites and launched a cryptocurrency token ("HVT Crypto Coin") on social media promising unrealistic returns and vehicle purchase incentives.
- • Saini personally collected ₹3.78 crore from victims via digital transactions and social media promotions; seized assets included an SUV received as commission, with funds allegedly diverted to personal luxury purchases and vehicle acquisitions.
- • The CBI separately arrested Ayush Varshney, co-founder of Darwin Labs, in connection with the GainBitcoin Ponzi scheme estimated at ₹20,000 crore involving 29,000 mined bitcoins, with Varshney apprehended at the airport while allegedly attempting to flee to Sri Lanka.
- • GainBitcoin operated as a systematic Ponzi scheme since 2015, promising 10 percent monthly Bitcoin returns over 18 months through websites operated under the facade of Variabletech Pte. Ltd., with promotional events conducted in Dubai and Macau to recruit international victims.
Summary
Indian law enforcement agencies have dismantled multiple cryptocurrency investment fraud networks in coordinated operations spanning 2026. In Rajasthan, police arrested 34-year-old Suresh Saini, a key operative in a large-scale scheme that targeted approximately 82,000 individuals across digital channels. Operating in conjunction with primary architect Banshilal (alias Prince Saini) and software developer Rajnish Kumar, the network created fake investment platforms promoting both cryptocurrency tokens and discounted luxury vehicle purchases. The perpetrators established shell companies, appointed themselves and family members as directors, and collected approximately ₹2 crore through the fraudulent websites.
The fraud operated on multiple deceptive layers. The accused launched a cryptocurrency product branded "HVT Crypto Coin" via social media marketing, leveraging promotional mechanics that promised high investment returns coupled with incentives for purchasing SUVs at artificially discounted prices. Saini personally accumulated ₹3.78 crore in funds from victims through digital transactions and social media solicitations. Investigators determined that collected funds were diverted toward personal consumption, including luxury vehicle purchases and lifestyle expenditures rather than legitimate investment activities. Law enforcement seized an SUV that had been transferred to Saini as a commission payment, serving as physical evidence of the scheme's operation.
In a parallel investigation, the Central Bureau of Investigation arrested Ayush Varshney, co-founder of Darwin Labs, as a key accused in the substantially larger GainBitcoin Ponzi scheme. Varshney was apprehended at an airport while allegedly attempting to flee the country to Colombo, Sri Lanka, following issuance of a Look Out Circular. GainBitcoin represents one of India's largest cryptocurrency frauds, currently estimated at ₹20,000 crore with approximately 29,000 mined bitcoins involved. The scheme, initiated in 2015 by now-deceased founder Amit Bhardwaj and his brother Ajay Bhardwaj, operated through multiple websites under the corporate facade of Variabletech Pte. Ltd., systematically luring investors with promises of 10 percent monthly returns in Bitcoin over 18-month periods. Darwin Labs, represented by Varshney, provided technical infrastructure and consulting services supporting the fraudulent platform's operations.
The GainBitcoin network expanded its victim recruitment internationally through promotional events conducted in Dubai and Macau during 2017 and 2018, indicating a sophisticated operation designed to capture investors across multiple jurisdictions. The investigation spans numerous states across India and extends to international participants. Both cases underscore systematic vulnerabilities in cryptocurrency investment platforms and the effectiveness of social engineering tactics that leverage promises of high returns combined with tangible asset incentives (vehicles, tokens) to overcome investor skepticism. These enforcement actions demonstrate coordinated responses from state and federal law enforcement agencies to prosecute network operators and technical facilitators involved in large-scale digital fraud schemes.
The fraud operated on multiple deceptive layers. The accused launched a cryptocurrency product branded "HVT Crypto Coin" via social media marketing, leveraging promotional mechanics that promised high investment returns coupled with incentives for purchasing SUVs at artificially discounted prices. Saini personally accumulated ₹3.78 crore in funds from victims through digital transactions and social media solicitations. Investigators determined that collected funds were diverted toward personal consumption, including luxury vehicle purchases and lifestyle expenditures rather than legitimate investment activities. Law enforcement seized an SUV that had been transferred to Saini as a commission payment, serving as physical evidence of the scheme's operation.
In a parallel investigation, the Central Bureau of Investigation arrested Ayush Varshney, co-founder of Darwin Labs, as a key accused in the substantially larger GainBitcoin Ponzi scheme. Varshney was apprehended at an airport while allegedly attempting to flee the country to Colombo, Sri Lanka, following issuance of a Look Out Circular. GainBitcoin represents one of India's largest cryptocurrency frauds, currently estimated at ₹20,000 crore with approximately 29,000 mined bitcoins involved. The scheme, initiated in 2015 by now-deceased founder Amit Bhardwaj and his brother Ajay Bhardwaj, operated through multiple websites under the corporate facade of Variabletech Pte. Ltd., systematically luring investors with promises of 10 percent monthly returns in Bitcoin over 18-month periods. Darwin Labs, represented by Varshney, provided technical infrastructure and consulting services supporting the fraudulent platform's operations.
The GainBitcoin network expanded its victim recruitment internationally through promotional events conducted in Dubai and Macau during 2017 and 2018, indicating a sophisticated operation designed to capture investors across multiple jurisdictions. The investigation spans numerous states across India and extends to international participants. Both cases underscore systematic vulnerabilities in cryptocurrency investment platforms and the effectiveness of social engineering tactics that leverage promises of high returns combined with tangible asset incentives (vehicles, tokens) to overcome investor skepticism. These enforcement actions demonstrate coordinated responses from state and federal law enforcement agencies to prosecute network operators and technical facilitators involved in large-scale digital fraud schemes.
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