Raipur/New Delhi, July 17, 2026
The Enforcement Directorate (ED), Raipur Zonal Office, has arrested EBIX Group Chairman Vikas Garg, a key figure in the illegal online betting syndicate linked to Mahadev Online Book and Skyexchange, for allegedly laundering massive proceeds of crime.
Garg was arrested on July 14, 2026, in New Delhi under Section 19 of the Prevention of Money Laundering Act (PMLA), 2002, the agency said in a statement. He was produced before the Special PMLA Court in New Delhi, which granted transit remand, and later remanded to ED custody for 10 days till July 24, 2026, by the Special Court in Raipur.
The arrest stems from multiple FIRs registered by police in Chhattisgarh, Andhra Pradesh, West Bengal, and other states against operators, promoters, and associates of these illegal betting platforms, it said.
ED’s investigation revealed a vast franchise-based ‘panel’ network operated from abroad, generating over Rs 450 crore in proceeds of crime every month through illegal betting activities. According to the probe, the tainted money was laundered through a sophisticated multi-layered structure involving accommodation entries via shell entities and overseas investments routed through foreign entities in Dubai, Mauritius, and the United Kingdom using routes such as QIP, FPI, FDI, and FCCB. These funds were infused into listed and unlisted companies controlled by Vikas Garg to project them as legitimate.
The proceeds were further layered through his group entities and utilised for high-profile acquisitions, including 97.58% shareholding in the US-based company EBIX Inc. through the United States Bankruptcy Court, besides creating various shares, securities, and assets in India and abroad.
Earlier, on June 5, 2026, the ED had issued a Provisional Attachment Order attaching properties worth approximately Rs 940.77 crore belonging to Garg, his family members, and controlled entities, including residential properties, land parcels, equity shares, and securities.
The agency has so far attached or seized movable and immovable properties worth nearly Rs 4,000 crore, including foreign assets, in this case through seven Provisional Attachment Orders and multiple Prosecution Complaints filed before the Special PMLA Court in Raipur.
Investigation has also established that Garg continued attempts to conceal and move the proceeds of crime even during the ongoing probe. Further investigation into the larger betting and money laundering network is underway.(Agency)
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