In a significant development in the ongoing Mahadev online betting application case, the Enforcement Directorate (ED) has announced the arrest of EBIX Chairman Vikas Garg. The arrest comes as part of a broader investigation into a massive financial fraud linked to the illicit betting platform.
Details of the Investigation
Prior to Garg's arrest, the central agency had already taken action, seizing assets valued at approximately ₹941 crore that were linked to him. These seized assets encompass a range of holdings, including residential properties, various land parcels, equity shares, and other financial securities, indicating the extensive nature of the alleged financial irregularities.
The Mahadev betting app scam is estimated to be worth around ₹6,000 crore, making it one of the largest online betting frauds uncovered. The ED's investigation has been relentless in tracing the money trail and identifying key individuals involved in the operation.
Extradition Efforts Underway
Meanwhile, authorities have successfully traced Saurabh Chandrakar, identified as the prime accused and promoter of the Mahadev betting app. Chandrakar has been located in Oman, and Indian authorities have initiated the formal process to extradite him back to India to face charges related to the scam. His return is anticipated to provide further crucial insights into the intricate network behind the illicit betting enterprise.
The Enforcement Directorate continues its probe, signaling a firm stance against illegal online gambling operations and associated money laundering activities.