The Enforcement Directorate arrested Vikas Garg, chairman of EBIX Group, on July 14, 2026, in New Delhi under Section 19 of the Prevention of Money Laundering Act (PMLA), 2002. According to Zee News, Garg has been remanded to 10-days custody by the ED court and will be produced before the Special PMLA Court in New Delhi, which granted transit remand, and later remanded to ED custody for 10 days till July 24, 2026, by the Special Court in Raipur. The arrest follows a series of FIRs registered by police in Chhattisgarh, Andhra Pradesh, West Bengal, and other states against operators, promoters, and associates of these illegal betting platforms. As per The Hindu, the 53-year-old businessman was arrested as part of a multi-crore-rupee money laundering case linked to the Mahadev online betting app.
The ED identified Garg as the promoter of three listed entities: Vikas Ecotech Ltd., Vikas Lifecare Ltd., and Eraaya Lifespaces Ltd., as reported by NDTV Profit. The agency uncovered that the EBIX Group Chairman had acquired a 64% stake in EbixCash via Eraaya Lifespaces Ltd. by using the allegedly illicit funds from illegal betting activities. According to Zee News, the investigation revealed how the group hid the illegal money through a complex web of fake companies. Money was sent overseas to Dubai, Mauritius, and the United Kingdom using various legal investment channels including foreign direct investments and overseas bonds. The primary recipient of foreign investment was Vikas Garg and his listed company, M/s Eraaya Lifespaces Ltd., with total foreign investment received by Garg's entities from overseas conduits amounting to ₹1,272.56 crore. The proceeds were further used for high-profile acquisitions, including 97.58 percent shareholding in the US-based company EBIX Inc. through the United States Bankruptcy Court.
According to NDTV Profit, the probe found that the Mahadev Online Book and Skyexchange betting syndicates operated through a franchise-based panel network from outside India, allegedly generating proceeds of crime exceeding ₹450 crore every month. This represents part of the ongoing money laundering investigation into the alleged Mahadev Online Booking and Skyexchange betting networks. The case involves allegations of criminal conspiracy, cheating, forgery and the operation of illegal online betting platforms. As per Zee News, the multi-crore Mahadev Online App was operating on a huge franchise-based 'panel' network, with the alleged kingpin being Saurabh Chandrakar from Chhattisgarh's Bhilai who co-founded the Mahadev Online Book app in 2018 and developed a large network of illegal betting panels. Chandrakar along with another app co-founder Ravi Uppal allegedly enrolled users and ran games and betting markets that generated illegal profits, with the money then laundered and transferred abroad.
With the latest development, the total value of assets attached, seized and frozen in the case has risen to nearly ₹4,000 crore, as reported by Zee News. The agency has so far attached or seized movable and immovable properties worth nearly ₹4,000 crore, including foreign assets, in this case through seven Provisional Attachment Orders and multiple Prosecution Complaints filed before the Special PMLA Court in Raipur. On June 5, 2026, the ED temporarily seized properties worth around ₹940.77 crore belonging to Vikas Garg, his family, and his companies, which included houses, land parcels, equity shares and other securities. The operation was structured through nearly 1,000 young people staffing Dubai call centres that kept the operation running around the clock, with 60 offshore gambling websites in the constellation and allied platforms like Reddy Anna and FairPlay operating in the same ecosystem. The investigation has established that Garg continued attempts to conceal and move the proceeds of crime even during the ongoing probe.
