The Enforcement Directorate (ED) in Raipur arrested Vikas Garg, the Chairman of EBIX Group, for his involvement in an illegal online betting syndicate connected to Mahadev Online Book and Skyexchange. Garg was taken into custody on July 14, 2026, in New Delhi under the Prevention of Money Laundering Act. He is accused of laundering substantial proceeds of crime through a complex network.
The arrest follows the registration of multiple FIRs by police in various states against operators, promoters, and associates of these illicit betting platforms. The ED’s investigation uncovered a franchise-based network operating from abroad, allegedly generating over Rs 450 crore monthly through illegal betting. The tainted money was reportedly laundered through intricate structures involving shell entities and overseas investments.
It was revealed that the laundered funds were channeled into listed and unlisted companies controlled by Vikas Garg to portray them as legitimate. Notably, these proceeds were utilized for significant acquisitions, including acquiring a majority shareholding in EBIX Inc., a US-based company. The investigation also led to the attachment of properties worth around Rs 940.77 crore belonging to Garg and his family members.
The ED has attached or seized properties valued at nearly Rs 4,000 crore, including foreign assets, through various legal actions in this case. Despite ongoing investigations, it was found that Garg attempted to conceal and transfer the proceeds of crime. The authorities are continuing their probe into the broader network involved in illegal betting and money laundering activities.
