ED arrests Ebix chairman in Mahadev betting app case, Will be produced before PMLA in Raipur

The Enforcement directorate on Tuesday arrested Ebix Chairman Vikas Garg in connection with the alleged money laundering linked to the Mahadev betting app case.

He will be produced before a special PMLA court on Wednesday. Garg is now being taken to Raipur following the arrest from his residence in Delhi. The agency had sought a transit remand from the local court.

The arrest stems from the latest move by ED in which it attached assets worth Rs 940.77 crore belonging to Garg and his family and companies allegedly owned or controlled by him including 12 properties owned by his family across Delhi, Goa, Nainital, and other locations.

Investigations revealed proceeds of crime generated through the illegal betting network were routed into entities controlled by Garg. The funds were then allegedly layered through multiple companies and used to acquire shares, securities and other assets. It stated Garg used the illicit funds to acquire a 64 per cent stake in EbixCash through Eraaya Lifespaces Limited.

Garg was previously questioned by agency in November last year, in connection with a separate money laundering case linked to an alleged Rs 190 crore customs duty fraud.According to the ED, the case involved the illegal import of betel nuts and other goods, which were allegedly diverted into the domestic market using forged export documents to fraudulently claim duty-free benefits.

Mahadev app is amongst the largest illegal betting syndicates in the country Probe revealed kingpins Saurabh Chandrakar and Ravi Uppal allegedly built the platform into a nationwide betting network while operating from outside India.

The syndicate is accused of reaching millions of users through social media platforms and running illegal betting panels across multiple states.