ED Seeks Permanent Attachment of Vikas Garg’s Assets in Mahadev Case

The Enforcement Directorate has sought the Adjudicating Authority’s confirmation for the permanent attachment of assets totaling Rs 940.77 crore linked to EBIX Inc Chairman Vikas Garg. This action is part of the ongoing Mahadev Online Betting syndicate money laundering investigation.

What Happened

The Enforcement Directorate (ED) has formally applied to the Adjudicating Authority for the confirmation of a provisional attachment of properties valued at Rs 940.77 crore. These assets are associated with Vikas Garg, Chairman of EBIX Inc, and were provisionally attached in June. The ED’s application aims to convert this provisional attachment into a permanent one, which would enable the agency to pursue further legal steps to obtain control over the assets, according to Business Today.

Garg is named as an accused in the Mahadev Betting App syndicate money laundering case. The ED’s investigations, as reported by Business Today, indicate Garg’s alleged involvement in the operations of the Mahadev Betting App. Following the potential confirmation, the agency could move to court to seek formal possession of the properties.

Key Details

• The ED seeks permanent attachment of Rs 940.77 crore in assets linked to Vikas Garg, primarily due to his alleged role in the Mahadev Online Betting syndicate money laundering case (Business Today).
• These assets, provisionally attached in June, include shares and immovable properties belonging to Garg and his family members (Business Today).
• A significant portion of the attached assets comprises shares of Garg family-owned Eraaya Lifespaces Ltd, a subsidiary of EBIX Inc, valued at approximately Rs 893 crore (Business Today).
• Other attached properties include Garg’s residences in Delhi, corporate offices, and properties located in Goa, Nainital, Uttarakhand, Rajasthan, and Dehradun (Business Today).
• Garg is allegedly associated with the illegal betting platform Skyexchange, which is part of the Mahadev Online Betting network, and reportedly known to its mastermind, Hari Shankar Tibrewal, since 2021 (Business Today).
• The ED alleges that Garg received substantial funds from Hari Shankar Tibrewal through various entities as Foreign Portfolio Investment (FPI), Foreign Direct Investment (FDI), and bonds, which are considered proceeds of crime from illegal betting operations (Business Today).
• The ED also reported that Garg allegedly used funds from the Mahadev App and Skyrocketexchange to manipulate share prices of several stocks, a matter for which SEBI was reportedly informed to conduct an investigation (Business Today).

Why It Matters

This development signifies a significant regulatory action within the online betting and financial sectors, particularly concerning alleged money laundering activities. The sought confirmation of asset attachment, if granted, provides a legal pathway for the ED to take possession of the identified properties, underscoring regulatory efforts against illicit financial operations. The alleged involvement of a chairman of a publicly recognized entity like EBIX Inc in such a syndicate highlights the potential for infiltration of illicit funds into regulated financial and corporate structures, according to Business Today. The investigation’s scope, reportedly encompassing FPI, FDI, and share price manipulation, points to broader implications for market integrity and regulatory oversight.

What’s Next

If the Adjudicating Authority approves the ED’s application, the provisional attachment of assets will become permanent. Subsequently, the ED can then initiate legal proceedings in court to assume control and possession of the attached properties, according to Business Today.

Originally reported by Business Today·Published 7 Jul 2026, 15:02