ED arrests Ebix chairman in Mahadev betting app case, seizes Rs 940 crores in assets
The arrest comes days after the ED attached assets worth Rs 940.77 crore belonging to Garg, his family members and companies allegedly owned or controlled by him.
The Enforcement Directorate (ED) on Tuesday arrested Ebix Chairman Vikas Garg in connection with the alleged money laundering linked to the Mahadev betting app case.
Garg was arrested from his residence in Delhi and is being taken to Raipur after the agency secured a transit remand from a local court. He is expected to be produced before a special PMLA court in Raipur on Wednesday.
The arrest comes days after the ED attached assets worth Rs 940.77 crore belonging to Garg, his family members and companies allegedly owned or controlled by him. This included 12 properties owned by his family across Delhi, Goa, Nainital, and other locations.
According to the agency, proceeds of crime generated through the illegal betting network were routed into entities controlled by Garg. The funds were then allegedly layered through multiple companies and used to acquire shares, securities and other assets.
The ED has alleged that Garg used the illicit funds to acquire a 64 per cent stake in EbixCash through Eraaya Lifespaces Limited.
Garg is the promoter of three listed companies: Vikas Ecotech Limited, Vikas Lifecare Limited and Eraaya Lifespaces Limited.
GARG'S PREVIOUS ENCOUNTER WITH ED
This is not the first time the Delhi-based businessman has come under the ED's scanner.
In November 2025, the agency questioned him in connection with a separate money laundering case linked to an alleged Rs 190 crore customs duty fraud.
According to the ED, the case involved the illegal import of betel nuts and other goods, which were allegedly diverted into the domestic market using forged export documents to fraudulently claim duty-free benefits.
Garg, whom the agency identified as a key accused, was questioned for over seven hours. Several of his employees and associates had also been questioned as part of the probe.
The action followed searches conducted on November 12 at properties linked to Garg and others, based on a CBI FIR alleging the use of forged shipping documents to evade customs duty.
MAHADEV APP: LARGEST ILLEGAL BETTING SYNDICATE
According to the Central Bureau of Investigation, the Mahadev App is among the largest illegal betting syndicates uncovered in the country.
The investigation found that kingpins Saurabh Chandrakar and Ravi Uppal allegedly built the platform into a nationwide betting network while operating from outside India.
The syndicate is accused of reaching millions of users through social media platforms and running illegal betting panels across multiple states.
The probe has revealed that the network enrolled users, conducted betting activities and generated substantial illegal profits.
Investigators allege that the proceeds of crime were routed through a network of mule bank accounts before being transferred abroad. A portion of the funds was allegedly paid as protection money to public servants.
The CBI further said that the promoters of the Mahadev App and several of their associates fled to West Asian countries a few years ago and have continued to operate the betting network from overseas.
The Enforcement Directorate (ED) on Tuesday arrested Ebix Chairman Vikas Garg in connection with the alleged money laundering linked to the Mahadev betting app case.
Garg was arrested from his residence in Delhi and is being taken to Raipur after the agency secured a transit remand from a local court. He is expected to be produced before a special PMLA court in Raipur on Wednesday.
The arrest comes days after the ED attached assets worth Rs 940.77 crore belonging to Garg, his family members and companies allegedly owned or controlled by him. This included 12 properties owned by his family across Delhi, Goa, Nainital, and other locations.
According to the agency, proceeds of crime generated through the illegal betting network were routed into entities controlled by Garg. The funds were then allegedly layered through multiple companies and used to acquire shares, securities and other assets.
The ED has alleged that Garg used the illicit funds to acquire a 64 per cent stake in EbixCash through Eraaya Lifespaces Limited.
Garg is the promoter of three listed companies: Vikas Ecotech Limited, Vikas Lifecare Limited and Eraaya Lifespaces Limited.
GARG'S PREVIOUS ENCOUNTER WITH ED
This is not the first time the Delhi-based businessman has come under the ED's scanner.
In November 2025, the agency questioned him in connection with a separate money laundering case linked to an alleged Rs 190 crore customs duty fraud.
According to the ED, the case involved the illegal import of betel nuts and other goods, which were allegedly diverted into the domestic market using forged export documents to fraudulently claim duty-free benefits.
Garg, whom the agency identified as a key accused, was questioned for over seven hours. Several of his employees and associates had also been questioned as part of the probe.
The action followed searches conducted on November 12 at properties linked to Garg and others, based on a CBI FIR alleging the use of forged shipping documents to evade customs duty.
MAHADEV APP: LARGEST ILLEGAL BETTING SYNDICATE
According to the Central Bureau of Investigation, the Mahadev App is among the largest illegal betting syndicates uncovered in the country.
The investigation found that kingpins Saurabh Chandrakar and Ravi Uppal allegedly built the platform into a nationwide betting network while operating from outside India.
The syndicate is accused of reaching millions of users through social media platforms and running illegal betting panels across multiple states.
The probe has revealed that the network enrolled users, conducted betting activities and generated substantial illegal profits.
Investigators allege that the proceeds of crime were routed through a network of mule bank accounts before being transferred abroad. A portion of the funds was allegedly paid as protection money to public servants.
The CBI further said that the promoters of the Mahadev App and several of their associates fled to West Asian countries a few years ago and have continued to operate the betting network from overseas.
