The Enforcement Directorate (ED) has announced the attachment of assets valued at ₹940.77 crore linked to Vikas Garg, Chairman of the EBIX Group, along with his family members and associated companies. This significant action is part of the ongoing investigation into the Mahadev Online Book money laundering case.
Mahadev Case Seizures Reach ₹3,800 Crore
The attachment was carried out under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, as confirmed by the agency's Raipur Zonal Office. The seized assets encompass a range of holdings, including residential properties, land parcels, equity shares, various investments, and other movable and immovable properties.
This latest development escalates the total value of assets attached, frozen, or seized in connection with the Mahadev Online Book case to approximately ₹3,800 crore. Prior to this attachment, the ED had already secured assets worth around ₹2,825 crore, which included assets located overseas.
Probe Uncovers Extensive Betting Network and Fund Diversion
The investigation stems from multiple First Information Reports (FIRs) filed by police across Chhattisgarh, Andhra Pradesh, West Bengal, and other states. These complaints target operators, promoters, and associates involved in illegal online betting platforms, alleging criminal conspiracy, cheating, and forgery.
According to the agency, the illicit betting network operated from outside India, generating over ₹450 crore monthly through its illegal activities. The probe has revealed a sophisticated scheme where money generated from the Mahadev Online Book and Sky Exchange betting platforms was laundered through a complex web of accommodation entries, shell companies, and layered financial transactions to obscure its origins.
Allegations Against Vikas Garg
The ED alleges that approximately ₹1,707 crore originating from these betting platforms was channeled into companies owned or controlled by Vikas Garg. These funds were subsequently utilized for purchasing shares, making investments, and acquiring other assets, effectively integrating illicit proceeds into legitimate financial structures.
The agency has previously issued seven Provisional Attachment Orders and filed prosecution complaints, including supplementary complaints, before the Special Court (PMLA) in Raipur, which has acknowledged the money laundering offense. The investigation remains active as authorities continue to trace and seize assets linked to the extensive network.