New Delhi: The Enforcement Directorate has arrested Ebix Chairman Vikas Garg in connection with an alleged money-laundering case linked to the Mahadev betting app. 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 Prevention of Money Laundering Act court in Raipur.
Arrest Follows ₹940.77 Crore Asset Attachment
The arrest came days after the ED attached assets worth ₹940.77 crore belonging to Garg, his family members and companies allegedly owned or controlled by him. The attached assets included 12 properties held by his family across Delhi, Goa, Nainital and other locations.
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According to the agency, proceeds of crime generated through the illegal betting network were routed into entities controlled by Garg. The funds were allegedly layered through multiple companies and used to acquire shares, securities and other assets.
The ED has alleged that Garg used 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.
Earlier Questioning in Customs Duty Fraud Case
This is not the first time the Delhi-based businessman has come under the ED’s scrutiny.
In November 2025, the agency questioned him in connection with a separate money-laundering case linked to an alleged ₹190 crore customs duty fraud.
According to the ED, that 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 more than seven hours. Several of his employees and associates were also questioned as part of the investigation.
The action followed searches conducted on November 12 at properties linked to Garg and others. The searches were based on a Central Bureau of Investigation FIR alleging the use of forged shipping documents to evade customs duty.
Mahadev App Probe Traces Wider Betting Network
According to the CBI, the Mahadev App is among the largest illegal betting syndicates uncovered in the country.
Investigators allege that kingpins Saurabh Chandrakar and Ravi Uppal 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 operating illegal betting panels across several states.
The investigation found that the network enrolled users, conducted betting activities and generated substantial illegal profits.
Investigators allege that 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 continued to operate the betting network from overseas.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
