ED Arrests Ebix Group Chairman in Mahadev Betting Case
Vikas Garg accused of laundering betting proceeds through listed firms and EbixCash acquisition
- ED arrests Ebix Group Chairman Vikas Garg under PMLA.
- Agency alleges ₹940.77 crore in assets linked to money laundering.
- Probe claims illegal betting funds were routed into Ebix Group entities.
- Mahadev betting case involves alleged proceeds of crime worth ₹6,000 crore.
GG News Bureau
New Delhi, 14th July: The Enforcement Directorate (ED) has arrested Ebix Group Chairman Vikas Garg in connection with the Mahadev online betting app money laundering case, alleging that illegal betting proceeds were routed through companies controlled by him.
Garg, 53, was taken into custody under the Prevention of Money Laundering Act (PMLA) after the ED conducted searches at premises linked to him in Delhi on Tuesday. He was produced before a special court in the national capital, which granted the agency 24-hour transit custody to take him to Raipur, where he will be produced before a special PMLA court.
The arrest comes days after the ED attached assets worth ₹940.77 crore belonging to Garg, his family members and entities allegedly linked to him.
According to the agency, proceeds generated through the Mahadev betting network were routed into companies controlled by Garg, layered through multiple entities and subsequently used to acquire shares, securities and other assets.
The ED alleged that Garg, promoter of the listed companies Vikas Ecotech Limited, Vikas Lifecare Limited and Eraaya Lifespaces Limited, used funds generated from illegal betting activities to acquire a 64 per cent stake in EbixCash through Eraaya Lifespaces Limited. EbixCash operates in the digital payments and foreign exchange sectors.
The agency has alleged that the Mahadev betting app functioned as an international betting syndicate, operating through multiple online platforms, including Tiger Exchange, Gold365 and Laser247.
According to the ED, the case involves alleged proceeds of crime amounting to around ₹6,000 crore and also has links to several senior politicians and bureaucrats in Chhattisgarh.
The alleged masterminds of the betting network, Sourabh Chandrakar and Ravi Uppal, remain absconding and are believed to have operated the syndicate from Dubai.
The investigation into the alleged money laundering network is continuing.
