Ebix Group Chairman Vikas Garg Arrested In Mahadev Betting App Case

In a high-profile arrest, the Enforcement Directorate has taken Ebix Group Chairman Vikas Garg into custody for his alleged links with the Mahadev online betting case.

The ED had recently attached properties belonging to Garg, his family members and entities linked to him, valued at Rs 940.77 crore. Officials from the probe agency said the ill-gotten money from the app was routed into companies controlled by the Ebix Group chairman. They were then layered through various entities and used to acquire shares, securities and other assets.

Garg, they said, is the promoter of three listed firms - Vikas Ecotech Limited, Vikas Lifecare Limited, and Eraaya Lifespaces Limited. He allegedly acquired a 64% stake in EbixCash through Eraaya Lifespaces Limited by utilising funds generated from illegal betting activities.

EbixCash is a well-known digital payments and forex company.

Garg, 53, was arrested under the Prevention of Money Laundering Act (PMLA) on Tuesday after searches were conducted at premises linked to him in Delhi.

He was produced before a special court in the capital, which granted the probe agency 24-hour custody to take him to Chhattisgarh's Raipur. He will be produced before a special PMLA court in Raipur on Wednesday.

The ED has said that the Mahadev betting app case involves various high-ranking politicians and bureaucrats from Chhattisgarh and the alleged proceeds of crime are to the tune of Rs 6,000 crore.

The agency has alleged that the Mahadev app operated as a large-scale international betting syndicate that facilitated alleged illegal betting through multiple online platforms and domain names such as 'Tiger Exchange', 'Gold365' and 'Laser247'. Sourabh Chandrakar and Ravi Uppal, who are both on the run, operated and controlled the betting syndicate from Dubai.