The Enforcement Directorate has taken into custody 53‑year‑old businessman Vikas Garg over a multi‑crore money‑laundering scheme linked to the Mahadev betting app. Authorities have also seized assets worth roughly ₹940.77 crore belonging to him and his associated entities.

Key Takeaways

  • Vikas Garg arrested for channeling illegal betting proceeds into his own firms.
  • Assets worth about ₹940.77 crore attached to Garg, his family and companies.
  • Illicit funds were used to acquire shares, securities and other high‑value assets.

The Directorate of Enforcement (ED) announced on Tuesday, July 14, 2026, that it has arrested Vikas Garg, chairman of the Ebix group, in a massive money‑laundering case tied to the Mahadev online betting app. The arrest took place at his residence in Delhi, after which he was taken to Raipur under a transit remand.

Background

Mahadev, launched in 2018 by Chhattisgarh native Saurabh Chandrakar and co‑founder Ravi Uppal, quickly evolved into a sprawling illegal betting network operating from outside Indian territory. The scheme is alleged to have generated approximately ₹6,000 crore in illicit profits, which were subsequently layered and transferred abroad.

Investigation Progress

According to the ED’s statement, Garg funneled the proceeds into entities he controls, notably Vikas Ecotech Limited, Vikas Lifecare Limited and Eraaya Lifespaces Limited. Through Eraaya Lifespaces, he acquired a 64 % stake in EbixCash, a move investigators say was financed by the tainted money.

Financial Impact

The enforcement agency has attached properties across Dubai and New Delhi, valuing the seizure at roughly ₹940.77 crore. The assets encompass real estate, shares, securities and other high‑value holdings, underscoring the scale of the laundering operation and its potential threat to India’s financial stability.

Future Outlook

Garg will appear before a PMLA (Prevention of Money Laundering Act, 2002) court in Raipur tomorrow. The case is expected to set a precedent for how Indian authorities tackle offshore‑based betting platforms, with regulators likely to tighten oversight on similar digital gambling ventures.