The Enforcement Directorate (ED) discovered Rs 3 crore in cash, documents for over 50 properties, and records of suspicious financial transactions during searches at locations connected to businessman Ashok Chandak. The searches, conducted across Rajasthan, Delhi, and Bihar, revealed significant findings.
The operation, spanning eight locations, included searches at premises in Sri Ganganagar, Jaipur, Delhi, Patna, and Banka. Cash, digital devices, financial records, and property-related documents were seized during the search.
Under the Prevention of Money Laundering Act (PMLA), the ED initiated action based on an FIR filed in August 2025. Mahadev Enclave Private Limited, allegedly linked to Chandak, is under scrutiny for alleged illegal sand mining activities in Bihar, causing a loss of Rs 131 crore.
The investigation also delves into Chandak’s alleged connections with the Mahadev Betting App and the Sky Exchange betting network. The recent arrest of Vikas Garg, Chairman of EBIX, in a money laundering case related to these syndicates has heightened the probe.
Garg, remanded to ED custody until July 24, is accused of routing proceeds of crime through Foreign Portfolio Investment (FPI) and Foreign Direct Investment (FDI) channels to acquire a stake in EBIX Inc. worth nearly Rs 1,175 crore.
The ED is scrutinizing the seized documents and digital evidence to trace the money trail and identify beneficiaries involved in the alleged money laundering network. Further actions will be based on evidence recovered during the searches.
