The Enforcement Directorate (ED) has arrested EBIX Chairman Vikas Garg under the PMLA Act while probing a money laundering network that involved listed companies, offshore investments, and company acquisitions. In a statement released from its Raipur zonal office, the ED stated that Garg is the one who is allegedly laundering the proceeds of the crime by routing and integrating them through accommodation entries, foreign investment structures and corporate deal structures.
ED Alleges Money Routed Through Domestic And Foreign Channels
The agency said it has detected about Rs 175 crore, which was allegedly routed through accommodation-entry operators. Investigators have also claimed to have tracked Rs 765.77 crore routed through overseas investment routes into companies linked to Garg.
The ED is also investigating the financial transactions related to the acquisition of Ebix Inc. and some international entities as part of the wider probe.
The agency said it has provisionally attached assets and shareholding to the tune of around Rs 940.77 crore in the case.
Why Did The ED Arrest Vikas Garg?
The ED said Garg’s custodial interrogation is necessary to identify further assets, probe foreign financial arrangements and prevent any potential tampering of evidence.
Apart from suspected offences under the Prevention of Money Laundering Act, the case is based on allegations of criminal conspiracy, cheating and forgery.
Mahadev Betting App Investigation In Progress
The developments come as the ED continues to investigate the Mahadev online betting app case, one of the biggest alleged illegal betting and money laundering cases in India.
Another key front of the agency’s probe has also progressed with Saurabh Chandrakar, one of the alleged masterminds behind the Mahadev betting app, being tracked down in Oman. The Indian authorities have started the process of extraditing him back to India.
Chandrakar was detained by the Royal Oman Police a few weeks ago on the basis of an Interpol Red Notice issued at the request of the ED and the Chhattisgarh Police, officials said.
Assets Worth Rs 1,700 Crore Attached
ED has already attached assets worth around Rs 1,700 crore in Mahadev betting app probe
These include luxury villas and high-end apartments in Dubai, including properties in the Burj Khalifa, one of the most expensive locations in the city.
The case had grabbed national headlines in 2023 after Chandrakar’s extravagant Rs 200 crore wedding in Dubai, where guests were said to have arrived in private jets and several Bollywood celebrities were in attendance.
How The Mahadev Betting Network Allegedly Operated
The ED stated that the Mahadev app was running as a big international online betting syndicate and was using multiple platforms and domain names, including Tiger Exchange, Gold365 and Laser247.
The investigators have said that the network operated on a franchise-type business model with several “panels” and “branches” run by associates across India. Its alleged promoters Saurabh Chandrakar and Ravi Uppal allegedly ran it from Dubai.
Investigation so far
ED has so far arrested 13 persons in the Mahadev betting app case.
The agency has also identified 74 persons as accused in five prosecution complaints (charge sheets) filed before a Special PMLA Court in Raipur, Chhattisgarh, as the probe into the alleged money laundering network continues.
Also Read: Who Is Delhi-Based Businessman Vikas Garg? ED Attaches Rs 940.77 Crore of His Assets
Priyanka Roshan is a business writer and assistant editor at the NewsX website who tracks everything from stock market swings and corporate earnings to personal finance trends and policy shifts. Known for turning fast-moving business developments into sharp, reader-friendly stories, she combines speed, accuracy, and a data-driven approach to break down complex financial news for everyday audiences.
With over 9.5 years of newsroom experience, Priyanka has worked with leading media organisations, including Moneycontrol, Times Now, and Ping Digital, covering diverse beats such as business, politics, technology, auto, travel, sports, and the world. From live breaking news desks to SEO-led digital storytelling, she specialises in creating engaging content that keeps readers informed without overwhelming them.
