The Enforcement Directorate (ED) has submitted an application to the Adjudicating Authority, seeking the permanent attachment of properties valued at ₹940.77 crore. These assets are linked to industrialist Vikas Garg, Chairman of EBIX Inc, who is an accused in the high-profile Mahadev Online Betting syndicate money laundering case.
This latest action follows the provisional attachment of Garg's assets, including shares and immovable properties, in June. If the Adjudicating Authority approves the ED's request, the attachment will become permanent, enabling the agency to pursue further legal steps to take possession of the seized properties.
Allegations of Money Laundering and Share Manipulation
ED investigations have revealed Vikas Garg's alleged involvement in the operations of the Mahadev Betting App. He is accused of funneling illicit funds, identified as 'proceeds of crime' from the illegal betting syndicates, into his companies. These funds were allegedly routed through various channels such as Foreign Portfolio Investments (FPI) and Foreign Direct Investments (FDI), presenting them as legitimate investments.
Furthermore, Garg is suspected of utilizing funds generated from the Mahadev App and Skyexchange, another illegal betting platform, to manipulate and rig the share prices of several stocks. The ED has reportedly alerted the Securities and Exchange Board of India (SEBI) to conduct a thorough investigation into these allegations of market manipulation.
Extensive Asset Attachments Across India
The attached assets encompass a wide range of properties. A significant portion, approximately ₹893 crore, comprises shares of Eraaya Lifespaces Ltd, a company owned by Garg's family and a subsidiary of EBIX Inc. The attachments also include multiple immovable properties:
- Garg's residence in Punjabi Bagh, Delhi.
- Luxury apartments in The Amaryllis project in Delhi.
- Properties located in the Safdarjung Development Scheme and on Babar Road in Delhi.
- Additional properties in Goa, Nainital (Uttarakhand), Rajasthan, and Dehradun.
The total value of these attached assets makes this one of the largest single-person or entity attachments in the Mahadev Online Betting syndicate case.
Connections to Syndicate Masterminds and Associates
Vikas Garg has been identified as a close associate of Harishankar Tibrewal, a key mastermind behind the Mahadev Online Betting network. Sources indicate that Garg has known Tibrewal since 2021 and was allegedly aware of Tibrewal's substantial earnings from illegal betting activities. Garg is also reportedly connected to Tibrewal's associates, Gagan Gupta and Sunil Bhandari, both of whom are linked to the Skyexchange platform.
Investigations suggest that Garg received significant funds from Tibrewal through various entities, disguised as FDI, FPI, and bonds, which are believed to be proceeds of crime from scheduled offenses related to illegal betting. The ED's probe also revealed Garg's ownership of 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.
Additionally, Vishesh Gupta, a relative of Vikas Garg, became a shareholder in M/s Integra Essentia Limited and Teamo Productions HQ Ltd at Garg's behest, allegedly holding these shares on his behalf. Garg is also a Director and Promoter of M/s Vikas Ecotech Limited.
"ED investigations in the case exposed the alleged role of industrialist Vikas Garg of EBIX Inc in the Mahadev Betting App operations." - Source Report
The ED had previously conducted searches at Garg's premises in 2024 and subsequently summoned him multiple times for questioning, recording his statements as part of the ongoing comprehensive investigation.