The Enforcement Directorate (ED) has announced the attachment of assets worth over ₹930 crore in connection with its ongoing investigation into the illegal Mahadev online betting app network. The latest action, taken on June 18, 2026, targets assets linked to Vikas Garg, chairman of EBIX INC.
According to ED officials, Garg has been under scrutiny for allegedly channeling proceeds of crime generated from illegal betting syndicates, including those operating under the Mahadev network and its associated platforms like Skyexchange. These illicit funds were reportedly laundered into his various companies through sophisticated financial mechanisms such as Foreign Portfolio Investments (FPI), Foreign Direct Investments (FDI), and bonds, presenting them as legitimate investments.
Key Attachments and Allegations
- Shares: A significant portion of the attached assets includes shares worth approximately ₹893 crore belonging to Eraaya Lifespaces Ltd, a company owned by the Garg family. EBIX Inc is reported to be a subsidiary of Eraaya Lifespaces.
- Properties: The ED also attached several properties, including Garg's residences in Delhi, various offices, and other real estate holdings in prominent locations such as Goa and Nainital.
- Money Laundering: Investigators allege that Garg actively converted black money from betting operations into white money by routing it through his business entities.
Connections to Mahadev Network
Vikas Garg is described by the ED as a close associate of Hari Shankar Tibrewal, one of the alleged masterminds behind the Mahadev online betting network. Sources indicate that Garg had knowledge of Tibrewal's substantial earnings from illegal betting activities since 2021. Furthermore, Garg was reportedly connected to Tibrewal’s associates, Gagan Gupta and Sunil Bhandari, who are also implicated in the Skyexchange betting platform.
The investigation revealed that Garg received substantial funds from Tibrewal via various entities, disguised as FDI, FPI, and bonds. These transactions are now considered by the ED to be proceeds of crime stemming from the scheduled offenses related to the illegal betting operations.
Allegations of Share Price Manipulation
The ED's probe also extends to Garg's ownership of M/s GG Engineering Ltd and Teamo Productions HQ Ltd. During interrogations, Amit Saraogi allegedly informed the ED that he provided bank accommodation entries against cash to these companies under Garg's direct instructions. Additionally, Vishesh Gupta, a relative of Garg, reportedly became a shareholder in M/s Integra Essentia Limited and Teamo Productions HQ Ltd at Garg's behest, with Garg allegedly arranging funds for these share purchases.
Sources further indicated that Garg utilized illegally generated funds from the Mahadev app and Skyexchange to manipulate the share prices of several stocks. Following these findings, the ED has alerted the Securities and Exchange Board of India (SEBI) and requested a detailed investigation into potential market manipulation.
The ED had previously conducted searches at Garg's premises in 2024, followed by multiple summons and recorded statements, leading up to the current asset attachment action.