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The Enforcement Directorate has attached properties and shares worth more than ₹930 crore in connection with its investigation into the Mahadev online betting app network, in a case involving EBIX INC Chairman Vikas Garg. India Today TV had earlier exposed Garg’s alleged role in the Mahadev Betting App operations.
According to the inputs, Garg has been under investigation for allegedly using proceeds of crime from illegal betting syndicates linked to online apps in the Mahadev network and their masterminds. He is accused of routing these funds into his companies through FPI, FDI and other channels by showing them as legitimate investments, and thereby turning illegal proceeds into white money.
As part of the latest action, the ED has attached shares worth around ₹893 crore of Garg family-owned Eraaya Lifespaces Ltd, of which EBIX Inc is stated to be a subsidiary company. The attachments also include Garg’s residences in Delhi, offices, and properties in Goa, Nainital and other places, taking the total value of attachments to over ₹930 crore.
The ED had earlier searched Garg’s premises in 2024. After the searches, he was summoned on multiple occasions, and his statements were recorded. The inputs describe Garg as a close associate of Mahadev online betting network mastermind Hari Shankar Tibrewal.
According to ED findings cited by sources, “it is evident” that Garg was also associated with the illegal betting platform Skyexchange, which is part of the Mahadev online betting network. The findings state that Garg had known Tibrewal since 2021 and had knowledge that Tibrewal was earning huge amounts of funds from illegal betting. Sources also said Garg was known to Tibrewal’s associates Gagan Gupta and Sunil Bhandari, who are also linked to Skyexchange.
Sources further said Garg received huge amounts of funds from Tibrewal through different entities in the form of FDI, FPI and bonds, which investigators consider proceeds of crime generated from scheduled offences related to illegal betting operations. The investigation also found that Garg is the owner of M/s GG Engineering Ltd and Teamo Productions HQ Ltd. During interrogation, Amit Saraogi allegedly told the ED that he provided bank accommodation entries against cash to these companies on Garg’s direct instructions.
The inputs also state that Vishesh Gupta, a relative of Garg, became a shareholder in M/s Integra Essentia Limited and Teamo Productions HQ Ltd on Garg’s instructions. Garg, who is described as the director and promoter of M/s Vikas Ecotech Limited, allegedly arranged funds for the purchase of these shares, which Vishesh Gupta was holding on his behalf. Sources also said Garg used illegally generated Mahadev app funds and Skyrocketexchange to rig and manipulate the share prices of several stocks, after which the ED alerted SEBI and informed it to conduct a detailed investigation.
