Mahadev case: ED seeks permanent attachment of Rs 940.77 crore assets linked to Vikas Garg

Another major setback for EBIX Group Chairman Vikas Garg as the Enforcement Directorate (ED) has now moved an application before the Adjudicating Authority for confirmation of the provisional attachment of properties worth Rs 940.77 crore carried out in June belonging to Garg and his family members. The confirmation of attachment can also be called the permanent attachment of the originally attached properties of Garg in the case.

Vikas Garg has been named as an accused in the Mahadev Betting App syndicate money laundering case, and the ED on June 5 attached properties, including shares and immovable assets, of Garg and his family members in the case. India Today TV had reported the attachment of Vikas Garg's properties in the Mahadev Online Betting syndicate case on June 18.

Once the confirmation is received and the Adjudicating Authority approves the application moved by ED officials, the agency can move the court seeking possession of the said properties and take them under its control.

ED investigations in the case exposed the alleged role of industrialist Vikas Garg of EBIX Inc in the Mahadev Betting App operations. The ED has now attached Garg's properties and shares worth over Rs 940.77 crore. The Chairman of EBIX Inc, Vikas Garg, has been under investigation for allegedly using the proceeds of crime from the illegal online betting syndicates linked to the Mahadev Betting App network and its masterminds.

Garg allegedly pumped the proceeds of crime into his companies through FPI, FDI and other channels by showing them as legitimate investments, thereby converting the illegal proceeds of crime into seemingly legitimate funds. A major action by the ED has now followed, with shares of Garg family-owned Eraaya Lifespaces Ltd, of which EBIX Inc is a subsidiary company, worth around Rs 893 crore, being attached by the agency.

The attachments also include Garg's residences in Delhi, offices, and properties in Goa, Nainital and other locations, taking the total attachment to over Rs 940 crore. The ED had earlier searched Garg's premises in 2024, following which he was summoned on multiple occasions and his statements were recorded. Garg is said to be a close associate of Mahadev Online Betting network mastermind Harishankar Tibrewal.

The ED findings, according to sources, state that from the above, it is evident that Mr Vikas Garg was also associated with the illegal betting platform Skyexchange, which is part of the Mahadev Online Betting network. Vikas Garg is a close associate of Hari Shankar Tibrewal and has known him since 2021. He allegedly had knowledge that Hari Shankar Tibrewal was earning huge amounts of money from illegal betting.

Garg is also known to Hari Shankar Tibrewal's associates, Gagan Gupta and Sunil Bhandari, who are also associated with the illegal betting platform Skyexchange. Sources state that Vikas Garg received huge amounts of funds from Hari Shankar Tibrewal through different entities in the form of FDI, FPI and bonds, which were allegedly proceeds of crime generated from scheduled offences related to illegal betting operations.

The investigation also brought to light that Vikas Garg is the owner of M/s GG Engineering Ltd and Teamo Productions HQ Ltd. One Amit Saraogi, allegedly an entry operator who provided bank accommodation entries against cash, did so for the said companies on the direct instructions of Vikas Garg, as Saraogi himself revealed during his interrogation before the ED. Another individual, Vishesh Gupta, a relative of Vikas Garg, became a shareholder in M/s Integra Essentia Limited and Teamo Productions HQ Ltd on the instructions of Vikas Garg, who is also the Director and Promoter of M/s Vikas Ecotech Limited. Vikas Garg allegedly arranged the funds for the purchase of shares in the said companies. Vishesh Gupta has been holding these shares on behalf of Vikas Garg. Garg was also allegedly using illegally generated Mahadev App funds and Skyrocketexchange to rig and manipulate the share prices of several stocks, for which the ED had also alerted and informed SEBI to conduct a detailed investigation.

The properties attached by the ED include 12.84 lakh shares of Eraaya Lifespaces, through which 64.20% stake in EBIX Inc is held, and which are said to be worth Rs 765.77 crore. The immovable properties attached include Garg's residence at Punjabi Bagh in Delhi, apartments in the luxury project The Amaryllis in Delhi, properties in the Safdarjung Development Scheme, a property on Babar Road, and several other locations in Delhi. The attached properties are located across Delhi, Goa, Uttarakhand, Rajasthan and Dehradun. The total value of the attached properties is Rs 940.77 crore. This could be the biggest attachment involving a single person or entity in the Mahadev Online Betting syndicate case.