The Enforcement Directorate’s Raipur Zonal Office has struck a significant blow to the Mahadev Online Book and Skyexchange illegal betting syndicate by attaching assets valued at Rs. 940.77 crore owned by Vikas Garg and related entities. The move, under the Prevention of Money Laundering Act, includes residential properties, land, and securities.
This action marks a major development in the investigation into India’s largest illegal online betting network. The ED’s probe, initiated based on FIRs from several states, revealed a complex money laundering operation. The syndicate, operating a franchise-based network abroad, allegedly generated over Rs. 450 crore monthly through illegal betting.
The investigation uncovered a sophisticated scheme where illicit funds from the betting operations, totaling Rs. 940.77 crore, were funneled through shell entities to acquire high-value assets. The ED had previously issued multiple attachment orders and filed complaints in court, with total seizures amounting to around Rs. 3,800 crore. The agency continues to pursue those involved in the illegal betting racket.
