The Enforcement Directorate (ED) on Tuesday took Vikas Garg, chairman of Ebix, into custody from his Delhi home in connection with the Mahadev betting app money‑laundering probe. The arrest follows a recent asset‑attachment operation that froze assets valued at ₹940.77 crore, comprising twelve family properties spread across Delhi, Goa, Nainital and other locations, as well as stakes in several listed companies.

Case Background

The Mahadev app has been labelled by the Central Bureau of Investigation (CBI) as one of the country’s biggest illegal betting networks. According to the CBI, the platform was built by alleged kingpins Saurabh Chandrakar and Ravi Uppal, who operated the scheme from abroad while recruiting millions of Indian users via social‑media channels. The illicit proceeds were reportedly funneled through a web of shell companies, eventually being used to acquire a 64 % stake in EbixCash through Eraaya Lifespaces Limited.

Garg’s Earlier Encounters with ED

This is not Garg’s first brush with the enforcement agency. In November 2025, he was interrogated over a separate money‑laundering case tied to a purported ₹190 crore customs‑duty fraud involving the illegal import of betel nuts and other commodities. During that probe, several of his associates were also questioned, and raids were conducted on properties linked to him under a CBI FIR alleging forged export documents.

Economic and Social Implications

The exposure of such a massive betting syndicate underscores systemic vulnerabilities in India’s financial and regulatory frameworks. Unchecked money‑laundering not only erodes tax revenues but also normalises illegal gambling, posing social risks. A decisive seizure of assets and the high‑profile arrest send a clear message that authorities are intensifying scrutiny on illicit financial flows, which could restore confidence among investors and the general public.

Looking Ahead

Garg is expected to appear before a special PMLA court in Raipur on Wednesday, where further legal proceedings will determine his fate. ED has signalled that investigations will continue against other individuals and entities linked to the Mahadev network, potentially reshaping the enforcement landscape for online gambling and financial crimes in India.