ED Arrests Ebix Group Chairman Vikas Garg in Mahadev Betting Case

The Enforcement Directorate (ED) has arrested Ebix Group Chairman Vikas Garg in Delhi for his alleged involvement in a money laundering case linked to the Mahadev online betting app. Following his arrest on Tuesday, a special court in Delhi granted the probe agency 24-hour custody to transport him to Chhattisgarh. Garg is scheduled to be produced before a special Prevention of Money Laundering Act (PMLA) court in Raipur on Wednesday.

The arrest follows recent action by the ED, which attached properties worth Rs 940.77 crore belonging to Garg, his family members, and entities linked to him. Probe officials stated that ill-gotten money from the Mahadev betting app was routed into companies controlled by the Ebix Group chairman. These funds were then layered through multiple entities and used to acquire shares, securities, and other assets.

Garg, 53, serves as the promoter of three listed firms: Vikas Ecotech Limited, Vikas Lifecare Limited, and Eraaya Lifespaces Limited. Investigators allege that Garg acquired a 64 percent stake in EbixCash, a prominent digital payments and forex company, through Eraaya Lifespaces Limited. This acquisition was allegedly funded using proceeds generated from the illegal betting activities.

The ED has stated that the Mahadev betting app functioned as a large-scale international syndicate. The network facilitated illegal betting through multiple online platforms and domain names, including 'Tiger Exchange', 'Gold365', and 'Laser247'. The entire syndicate was operated and controlled from Dubai by Sourabh Chandrakar and Ravi Uppal, both of whom are currently on the run.

According to the agency, the Mahadev betting app case involves proceeds of crime amounting to approximately Rs 6,000 crore. The investigation has also alleged the involvement of various high-ranking politicians and bureaucrats from Chhattisgarh. Garg was taken into custody under the PMLA on Tuesday after the ED conducted searches at premises linked to him in Delhi.