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ED Arrests Ebix Chairman in Mahadev Betting App Case
The agency says Garg routed illegal betting proceeds through controlled entities and used them to buy shares, securities and other assets.
- On Tuesday, the Enforcement Directorate arrested Ebix Chairman Vikas Garg from his Delhi residence in connection with alleged money laundering linked to the Mahadev betting app case, transporting him to Raipur after obtaining transit remand.
- The Mahadev betting syndicate, valued at around Rs 6,000 crore and described by the CBI as one of the largest illegal betting networks run from overseas, operated through franchise-based 'panel' networks generating proceeds exceeding Rs 450 crore monthly.
- Garg acquired a 64% stake in EbixCash through Eraaya Lifespaces Limited by utilising ill-gotten funds allegedly generated from illegal betting, with the 53-year-old businessman routing illicit money through shell companies and accommodation entries before investing in assets valued at Rs 940.77 crore.
- Alleged mastermind Saurabh Chandrakar was arrested in Oman earlier this year for entering with a forged Indonesian passport after fleeing the UAE, with Indian authorities initiating his extradition through CBI coordination, while Garg faces a Wednesday appearance before Raipur's special PMLA court.
- Co-Founder Ravi Uppal allegedly enrolled users and operated betting markets alongside Chandrakar, with illicit proceeds laundered through complex financial schemes and transferred abroad before reinvestment in various assets across multiple jurisdictions.
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ED arrests Ebix chairman in Mahadev betting app case
Vikas Garg, Ebix group chairman, was arrested by the Enforcement Directorate in Delhi. He was taken to Raipur after the agency obtained a transit remand from a local court. The arrest follows the attachment of assets worth over ₹940 crore belonging to Garg. These funds were allegedly generated from illegal betting operations and laundered through shell companies.
·Mumbai, India
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The Enforcement Directorate has arrested Ebix Chairman Vikas Garg in a money laundering case related to the Mahadev betting app. Assets worth ₹940.77 crore have been attached against him, including 12 immovable properties in Delhi, Goa, and Nainital.
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Leaning Left1Leaning Right5Center2Last UpdatedBias Distribution62% Right
Bias Distribution
- 62% of the sources lean Right
62% Right
13%
C 25%
R 62%
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