ED Alleges Forged Pact in Mahadev Betting Case, Citing Ebix UK Stake Transfer

The Enforcement Directorate (ED) has reportedly uncovered a forged and back-dated agreement related to the transfer of a 51% stake in an Ebix UK subsidiary, adding a new dimension to the Rs 6,000 crore Mahadev betting app money laundering investigation. This development concerns a transaction involving Vikas Lifecare Limited and Eraaya Lifespaces Limited.

What Happened

A new investigative layer has emerged in the Rs 6,000 crore Mahadev betting app money laundering case, with the Enforcement Directorate (ED) allegedly discovering a forged and back-dated agreement. This agreement is reportedly connected to the transfer of a 51% interest in an Ebix subsidiary located in the United Kingdom, as disclosed by sources within the ED’s Raipur Zonal Office (ED-RPZO), who are privy to the investigation (The Hitavada). The Rs 6,000 crore figure represents the projected proceeds of crime in the broader Mahadev case, according to the ED.

The alleged finding concerns the authenticity and timing of an agreement related to a transaction in which Vikas Lifecare Limited (VLL), as part of an Eraaya Lifespaces Limited-led consortium, contributed Rs 297.727 crore (US$34.83 million) towards the acquisition of US-based Ebix Inc. Corporate disclosures by VLL state that an addendum agreement, dated August 16, 2024, stipulated that VLL could receive 51% equity in Ebix International Holdings Limited (EIHL) if Eraaya failed to repay (The Hitavada). Following non-repayment by January 31, 2025, arbitration was invoked, resulting in a settlement and the subsequent transfer of the 51% interest in EIHL to VLL.

ED-RPZO sources exclusively informed The Hitavada that investigators have unearthed what they describe as a forged and back-dated agreement, allegedly linking the transfer of the 51% interest in the Ebix UK subsidiary to another entity connected to Vikas Garg. This allegation is part of an ongoing investigation and has not been adjudicated by a court. Publicly available corporate disclosures acknowledge the addendum and the settlement-based transfer, but they do not confirm the ED’s allegation regarding forgery or back-dating; these remain investigative claims (The Hitavada).

Key Details

• The Enforcement Directorate (ED) alleges the discovery of a forged and back-dated agreement in the Rs 6,000 crore Mahadev betting app money laundering investigation (The Hitavada).
• The alleged forged agreement pertains to the transfer of a 51% stake in an Ebix subsidiary located in the United Kingdom (The Hitavada).
• Corporate disclosures by Vikas Lifecare Limited (VLL) indicate a Rs 297.727 crore contribution towards the acquisition of Ebix Inc. and a subsequent transfer of 51% equity in Ebix International Holdings Limited (EIHL) to VLL after non-repayment by Eraaya Lifespaces Limited (The Hitavada).
• The ED’s investigation into businessman Vikas Garg has widened; Garg was arrested in July in connection with the Rs 6,000 crore Mahadev betting racket, and assets valued at approximately Rs 940.77 crore belonging to him and his associates were provisionally attached (The Hitavada).
• The ED alleges that funds from illegal betting were routed through Garg-controlled entities, layered through financial transactions, and subsequently invested in shares, securities, and other assets (The Hitavada).
• Garg was arrested under Section 19 of the Prevention of Money Laundering Act (PMLA), 2002, on July 14 (The Hitavada).

Why It Matters

This development adds a significant dimension to the ongoing Rs 6,000 crore Mahadev betting app money laundering case, particularly concerning corporate transactions and their potential links to illicit proceeds. The allegation of a forged and back-dated agreement, if substantiated, could expose further layers of financial deception within the broader betting and laundering network (The Hitavada). The investigation into the Ebix transaction highlights the agency’s focus on scrutinizing corporate structures, agreements, and fund movements to trace the origin, layering, beneficiaries, and ultimate deployment of alleged proceeds of crime.

The Mahadev Online Book and associated platforms, including Skyexchange, are described by the ED as an umbrella syndicate facilitating illegal betting and laundering proceeds through a complex network of bank accounts (The Hitavada). The agency continues to probe how funds generated from illegal betting are channeled into legitimate-appearing investments, such as the acquisition of a stake in an international subsidiary, underscoring the challenges in combating sophisticated financial crime. The widening examination of individuals like Vikas Garg and entities linked to him demonstrates the extensive nature of the investigation (The Hitavada).

What’s Next

The fresh disclosure stems from investigative material surrounding ED-RPZO’s latest supplementary prosecution complaint filed before the Special PMLA Court in Raipur. This complaint includes Garg-linked companies, panel operators, promoters, and alleged facilitators within the broader betting and laundering network (The Hitavada). Scrutiny of corporate structures, agreements, and movement of funds surrounding the Ebix transactions is continuing as investigators aim to establish the origin, layering, beneficiaries, and ultimate deployment of the alleged proceeds of crime (The Hitavada).

Originally reported by The Hitavada·Published 29 Sep 2026, 00:00