The Enforcement Directorate (ED) has taken significant action in its ongoing investigation into the illegal Mahadev online betting app network, attaching assets worth over ₹930 crore. These assets are linked to Vikas Garg, the Chairman of EBIX INC, who is under scrutiny for allegedly channeling illicit funds.
ED's Attachment Details
During its latest operation, the ED attached shares valued at approximately ₹893 crore belonging to Eraaya Lifespaces Ltd, a company owned by the Garg family. EBIX Inc is reportedly a subsidiary of Eraaya Lifespaces. Beyond shares, the attachment also includes Garg's residences in Delhi, various offices, and properties situated in Goa and Nainital, bringing the total value of the seized assets to more than ₹930 crore.
Allegations Against Vikas Garg
Investigators allege that Vikas Garg utilized proceeds derived from illegal betting syndicates associated with the Mahadev network and its masterminds. These funds were reportedly routed into his companies through various channels, including Foreign Portfolio Investments (FPI), Foreign Direct Investments (FDI), and bonds, effectively "whitewashing" illegal earnings into legitimate investments.
The ED's findings indicate Garg's close association with Hari Shankar Tibrewal, a key figure in the Mahadev online betting network, since 2021. Garg was reportedly aware of Tibrewal's substantial earnings from illegal betting operations. He is also linked to Skyexchange, another illegal betting platform within the Mahadev network, with known associations to Tibrewal's associates Gagan Gupta and Sunil Bhandari.
Furthermore, the probe suggests Garg received considerable sums from Tibrewal through various entities, identified by investigators as proceeds of crime from illegal betting. Garg is also identified as the owner of M/s GG Engineering Ltd and Teamo Productions HQ Ltd, where an individual named Amit Saraogi allegedly provided bank accommodation entries against cash on Garg's direct instructions.
Stock Manipulation Claims
The investigation also uncovered allegations that Garg, described as a director and promoter of M/s Vikas Ecotech Limited, orchestrated the purchase of shares in M/s Integra Essentia Limited and Teamo Productions HQ Ltd through a relative, Vishesh Gupta, who allegedly held these shares on Garg's behalf. It is further claimed that Garg used illegally generated funds from the Mahadev app and Skyrocketexchange to manipulate the share prices of several stocks. Following these findings, the ED has alerted the Securities and Exchange Board of India (SEBI) to conduct a detailed investigation into the alleged stock manipulation.
The ED had previously conducted searches at Garg's premises in 2024, followed by multiple summons and recorded statements, intensifying the legal proceedings against him.