ED arrests Ebix chairman in Mahadev betting app case

Mumbai: The Enforcement Directorate (ED) on Tuesday arrested Vikas Garg, chairman of Ebix group, in connection with the Mahadev Online Book betting app case, the agency said.

Garg was arrested from his residence in Delhi and was taken to Raipur after the agency obtained a transit remand from a local court, the agency said. He is expected to be produced before the Special PMLA Court in Raipur on Wednesday.

The arrest comes days after the ED attached assets worth ₹940.77 crore belonging to Garg, his family members and entities allegedly owned or controlled by him in connection with its money laundering investigation.


With this, the total value of assets attached, seized or frozen by the agency in the case has reached nearly ₹3,800 crore. The attached assets comprise residential properties, land parcels, equity shares and other securities.

According to the ED, around ₹940.77 crore in proceeds of crime generated from illegal betting operations was routed into entities allegedly controlled by Garg. The funds were subsequently layered through multiple entities and utilised for acquiring shares, securities and other assets in an attempt to conceal their illicit origin, the agency said.

Investigators have also alleged that Garg used part of these funds to acquire a 64% stake in EbixCash through Eraaya Lifespaces. Garg is the promoter of three listed companies-Vikas Ecotech, Vikas Lifecare and Eraaya Lifespaces.

The ED said its investigation found that Mahadev Online Book and Skyexchange betting platforms operated through a franchise-based "panel" network from overseas, generating proceeds of crime exceeding ₹450 crore every month. The illicit funds were laundered through a complex web of shell companies, accommodation entries and layered financial transactions before being invested in various assets, it said.

Earlier this year, one of the alleged masterminds of the syndicate, Saurabh Chandrakar, was arrested in Oman for allegedly entering the country using a forged Indonesian passport after fleeing the UAE. Indian authorities have initiated his extradition process in coordination with the Central Bureau of Investigation (CBI). Chandrakar had earlier been detained by Dubai Police and placed under house arrest but allegedly escaped, according to sources.