ED arrests Ebix group chairman Vikas Garg in illegal betting case

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The Enforcement Directorate (ED) on Tuesday (July 14, 2026) said it has arrested Vikas Garg, chairman of Ebix Group, in a multi-crore money laundering case linked to online betting app Mahadev.

The 53-year-old businessman allegedly redirected illegally obtained money from the betting application to entities owned and controlled by him.

Arrested in Delhi

“Vikas Garg, chairman of Ebix, was arrested by the ED in the Mahadev online betting case. He was arrested by the ED from his home in Delhi and was brought to Raipur after he was given transit custody by the court. He will be produced before the PMLA (Prevention of Money Laundering Act, 2002) Court, Raipur.

Last week, the ED said it had attached assets worth ₹940.77 crore of Vikas Garg, his family members and entities he owns and controls.

“The ill-gotten money from the betting application was directed to entities owned and controlled by Vikas Garg. The said funds were further layered through various entities and were used to acquire shares, securities and other assets, among others,” the ED report added.

The ED official said that Mr. Garg is the promoter of the three listed entities namely Vikas Ecotech Limited, Vikas Lifecare Limited and Eraaya Lifespaces Limited. He was found to have acquired a 64% stake in EbixCash through Eraaya Lifespaces Limited “using ill-gotten funds allegedly generated from illegal betting activities”.

The alleged kingpin of the betting network is Saurabh Chandrakar of Chhattisgarh’s Bhilai, who co-founded the Mahadev Online Book app in 2018 and developed a vast network of illegal betting panels, according to investigative agencies. Chandrakar, along with the app’s other co-founder Ravi Uppal, allegedly registered users and ran games and betting markets that generated illegal profits. The resulting money was then laundered and transferred abroad. The scam is pegged at around ₹6,000 crore and has been described by the CBI as “one of the largest illegal betting syndicates unearthed in the country, operating outside Indian soil”.

Published – 14 Jul 2026 22:02 IST