The Enforcement Directorate (ED) detained Vikas Garg, chairman of Ebix, from his Delhi residence on Friday morning. He was produced before a special court, which granted a 24‑hour custodial order allowing his transfer to Raipur, Chhattisgarh, where the core investigation is underway.

Background

Just weeks earlier, ED had provisionally attached properties belonging to Garg, his family members, and entities alleged to be under his control. The attachment, valued at about ₹940.77 crore, was part of a broader crackdown on the Mahadev online betting platform—also known as Skyexchange—suspected of facilitating large‑scale illegal gambling.

Key Investigation Findings

Investigators allege that proceeds from the illegal betting app were funneled through a web of shell companies, creating a multi‑layered laundering structure. Garg, through Eraaya Lifespaces Limited, acquired a 64% stake in EbixCash, using funds believed to be derived from the betting operations.

Economic Impact

The seized assets include residential properties, land parcels, equity shares, and various securities. The scale of the attachment underscores the financial magnitude of the alleged crime—estimated at over ₹450 crore per month in illicit proceeds. Industry analysts suggest that such decisive action may restore investor confidence and deter similar schemes.

Future Outlook

Garg is expected to appear before the PMLA court in Raipur on Wednesday. Should the evidence hold, the case could set a precedent for prosecuting high‑profile business figures involved in complex money‑laundering networks. International authorities are also monitoring the case, given the cross‑border nature of the fund transfers uncovered by the probe.