ED arrests Vikas Garg in Mahadev betting app case, seizes Rs 940 crores in assets
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
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. Read Full Story 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 BriefWire