The Enforcement Directorate (ED) has initiated proceedings to secure the permanent attachment of properties valued at Rs 940.77 crore, allegedly linked to EBIX Inc Chairman Vikas Garg. These assets were provisionally attached in June as part of the extensive money laundering probe into the Mahadev Online Betting syndicate. If approved by the Adjudicating Authority, this move would allow the ED to take possession of the properties.
Vikas Garg's Alleged Role in Betting Operations
ED investigations have reportedly uncovered Vikas Garg's deep involvement in the Mahadev Betting App network. He is accused of funneling illicit proceeds from the illegal online betting operations into his various companies, disguising them as legitimate investments through channels like Foreign Portfolio Investments (FPI) and Foreign Direct Investments (FDI).
Garg is also alleged to have associations with the Skyexchange betting platform, which is considered part of the broader Mahadev network. Sources indicate he has known Mahadev network mastermind Harishankar Tibrewal since 2021 and was aware of Tibrewal's substantial earnings from illegal betting activities. Garg reportedly received significant funds from Tibrewal through various entities, which the ED believes were proceeds of crime.
Attached Assets and Companies
The substantial attachment includes a wide range of assets. Prominently, 12.84 lakh shares of Eraaya Lifespaces Ltd, a subsidiary of EBIX Inc, valued at approximately Rs 765.77 crore, have been frozen. These shares represent a 64.20% stake in EBIX Inc through Eraaya Lifespaces.
Other attached properties encompass Garg's residences in Delhi, including locations in Punjabi Bagh, The Amaryllis luxury project, Safdarjung Development Scheme, and Babar Road. Additionally, properties in Goa, Nainital, Uttarakhand, Rajasthan, and Dehradun are part of the Rs 940.77 crore total. This attachment marks one of the largest involving a single individual or entity in the Mahadev Online Betting syndicate case.
Financial Manipulation and Further Investigations
The investigation also revealed that Vikas Garg owns M/s GG Engineering Ltd and Teamo Productions HQ Ltd. An alleged entry operator, Amit Saraogi, reportedly provided bank accommodation entries against cash for these companies under Garg's direct instructions. Furthermore, Vishesh Gupta, a relative of Garg, became a shareholder in M/s Integra Essentia Limited and Teamo Productions HQ Ltd, with Garg allegedly arranging the funds for these purchases and holding the shares on his behalf.
The ED has also alerted the Securities and Exchange Board of India (SEBI) to conduct a detailed investigation into allegations that Garg used illegally generated funds from the Mahadev App and Skyexchange to manipulate the share prices of several stocks.
Garg's premises were searched in 2024, followed by multiple summons and recorded statements, leading to the current push for permanent asset forfeiture.