The Enforcement Directorate (ED) on Tuesday arrested Ebix Chairman Vikas Garg in connection with an alleged money laundering case linked to the Mahadev betting app.
Garg was taken into custody from his residence in Delhi and is being brought to Raipur after the agency obtained a transit remand from a local court. He is scheduled 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. Among the attached assets are 12 properties owned by his family in Delhi, Goa, Nainital and other locations.
According to the ED, proceeds of crime generated through the illegal betting syndicate were routed into entities controlled by Garg. The agency alleged that the funds were layered through multiple companies before being invested in shares, securities and other assets.
The ED further claimed that Garg used the alleged illicit proceeds 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.
Previous ED investigation
This is not the first time Garg has come under the Enforcement Directorate's scrutiny.
In November 2025, the agency questioned the Delhi-based businessman in connection with a separate money laundering investigation involving an alleged customs duty fraud worth Rs 190 crore.
According to the ED, the case relates to the illegal import of betel nuts and other goods that were allegedly diverted into the domestic market using forged export documents to fraudulently claim duty exemptions.
Garg, whom the agency identified as one of the key accused, was questioned for more than seven hours. Several of his employees and associates were also examined during the investigation.
The questioning followed searches conducted on November 12 at premises linked to Garg and others after the Central Bureau of Investigation (CBI) registered an FIR alleging the use of forged shipping documents to evade customs duties.
Mahadev betting app case
According to the CBI, the Mahadev App is one of the country's largest illegal online betting syndicates.
The investigation alleges that its promoters, Saurabh Chandrakar and Ravi Uppal, established a nationwide betting network while operating from outside India.
The agency said the syndicate expanded its operations through social media platforms and managed illegal betting panels across several states.
Investigators allege that the network enrolled users, facilitated betting activities and generated substantial illegal proceeds.
The CBI further alleged that the proceeds of crime were routed through a network of mule bank accounts before being transferred overseas. A portion of the funds was also allegedly used to pay protection money to public servants.
According to the agency, the promoters of the Mahadev App and several of their associates left India for West Asian countries a few years ago and have continued to operate the betting network from abroad.
