Mahadev Betting App Case: ED Arrests EBIX Chairman Vikas Garg In Money Laundering Probe

Mumbai, July 14, 2026: The Enforcement Directorate (ED) on Tuesday arrested EBIX Chairman Vikas Garg in connection with its money laundering probe into the alleged Mahadev Online Book and Sky Exchange betting syndicates, days after attaching assets worth Rs 940.77 crore linked to him, his family members and entities allegedly controlled by him under the Prevention of Money Laundering Act (PMLA).

Officials said Garg was arrested in New Delhi by a team from the ED's Raipur (Chhattisgarh) Zonal Office and produced before the Tis Hazari Court, which granted the agency a 24-hour transit remand to take him to Chhattisgarh. He will be produced before the designated PMLA court in Raipur, where the agency intends to seek custodial remand for questioning.

The arrest comes close on the heels of the arrest of alleged Mahadev Online Book promoter Saurabh Chandrakar in Oman, with Indian authorities having initiated the process for his extradition. Officials said Garg's arrest marks another significant step in the agency's widening probe into the alleged laundering of proceeds of crime generated through the Mahadev Online Book and Sky Exchange betting platforms.

Alleged Money Trail

According to the ED, Garg acted as a key corporate conduit for laundering proceeds generated through the Mahadev Online Book and Sky Exchange betting platforms. The agency alleged that illicit funds were routed through a network of shell companies, accommodation entry providers and investment vehicles before being channelled into companies linked to Garg and projected as legitimate corporate investments.

The agency alleged that around Rs 940.77 crore in betting proceeds was routed into companies owned or controlled by Garg through two principal channels. Of this, around Rs 175 crore was allegedly funnelled into Garg-linked entities through cash-backed accommodation entries arranged by Kolkata-based entry operator Amit Saraogi, a close associate of H.S. Tibrewal, while the remaining Rs 765.77 crore was routed through overseas investment structures, including Qualified Institutional Placements (QIPs), Foreign Portfolio Investments (FPIs), Foreign Direct Investments (FDIs) and Foreign Currency Convertible Bonds (FCCBs).

The agency alleged that the funds were subsequently layered through multiple entities before being deployed to acquire shares, securities and other assets, thereby disguising the proceeds of crime as legitimate corporate investments. According to the ED, FPI-linked investments were infused into Garg-linked companies, including Eraaya Lifespaces, EBIX Inc., Vikas Lifecare, Vikas Ecotech, GG Engineering Ltd and Teamo Productions HQ Ltd. Investigators alleged that a substantial portion of these funds was ultimately used by Eraaya Lifespaces to acquire shares of EBIX Inc. and its subsidiaries.

Stock Manipulation Allegations

The agency alleged that Garg worked closely with H.S. Tibrewal, whom it has identified as a key figure linked to the Mahadev betting syndicate and the alleged handler of the Dubai-based operations of the Sky Exchange platform. According to the ED, Garg had known Tibrewal since 2021 and facilitated the routing of betting proceeds into India through FPIs, FDIs and other corporate investment instruments.

The agency has also accused Garg of manipulating stock prices by allegedly diverting illicit betting proceeds into listed small and medium enterprises (SMEs) and penny stocks under his control. According to the ED, operating in tandem with Tibrewal, Garg allegedly received betting proceeds disguised as FPIs, FDIs and corporate bonds. These funds were allegedly routed through entry operators who converted hawala cash into layered banking entries before channelling them through benami accounts and proxy shareholders, including Garg's relative Vishesh Gupta.

The converted funds were then allegedly used to acquire substantial stakes in companies such as Eraaya Lifespaces, Vikas Lifecare and GG Engineering. Investigators alleged that because these micro-cap and SME companies had a low public float, the infusion of large sums artificially inflated their share prices and created a false impression of market demand. The inflated valuations were then allegedly used for share sales, corporate restructuring and financing, causing losses to retail investors.

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Political Affiliation Mentioned

Garg's public social media profiles identify him as a BJP functionary associated with the party's Economic Cell. The ED has not alleged any role of the BJP or any of its office-bearers in the case.

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