A Forbes 30 Under 30 honoree connected to India’s largest cryptocurrency fraud case was recently arrested at the Mumbai airport while allegedly trying to flee the country.
Last month, Ayush Varshney’s arrest by the Central Bureau of Investigation (CBI) in connection with the $2.1 billion GainBitcoin cryptocurrency fraud case had been called “a major win for victims.” But earlier this week, a Delhi court granted him bail, ruling that there was no evidence on record showing he directly received investor funds.
The former technology leader is not the first Forbes 30 Under 30 honoree to face serious criminal charges. A significant number of alumni have been implicated in fraud cases collectively totaling over $18.5 billion, including Sam Bankman-Fried (FTX), Elizabeth Holmes (Theranos), Charlie Javice (Frank), Caroline Ellison (Alameda Research), and most recently Gökçe Güven (Kalder).
Varshney earned his Forbes 30 Under 30 Asia recognition in 2018 for NashVentures, an Indian-based technology venture studio and investment company. His work at NashVentures remains under investigation as the case moves forward.
The GainBitcoin Fraud Case
GainBitcoin launched in 2015, with founders Amit and Ajay Bhardwaj promoting it as a bitcoin cloud-mining and investment service with unusually high returns. Investors deposited bitcoin into cloud-mining contracts that promised fixed monthly returns of around 10 percent over 18 months—far beyond any realistic mining yield. Cloud mining allows individuals to earn cryptocurrency without owning any hardware by paying a company to mine on their behalf.
Additionally, participants could also earn commissions of up to 12 percent by recruiting new investors, creating a pyramid structure in which fresh deposits funded payouts to earlier ones.
