High-profile arrest: ED detained Ebix Group chairman Vikas Garg in Delhi over alleged links to the Mahadev betting syndicate, moving him to Raipur for court proceedings.
Massive asset seizure: Authorities attached ₹940.77 crore in properties, shares and securities allegedly bought with betting proceeds routed through a network of companies.
International betting network: The Mahadev syndicate allegedly generated ₹450 crore monthly, operated from Dubai, and involved multiple platforms and political links.
ED nabs Ebix Group chairman in ₹940-crore betting case
The Enforcement Directorate arrested Ebix Group chairman Vikas Garg under the Prevention of Money Laundering Act after searches at his Delhi premises. He was granted 24-hour transit custody to be taken to Raipur, where he will face a special PMLA court. The arrest follows the attachment of assets worth ₹940.77 crore linked to Garg, his family, and his companies, marking one of the largest individual seizures in the Mahadev betting probe. NDTV 24x7
Global reach and scale of Mahadev syndicate
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The Mahadev syndicate operated through a franchise-based panel network from overseas, generating more than ₹450 crore every month.
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Kingpins Saurabh Chandrakar and Ravi Uppal directed operations from Dubai, controlling multiple betting platforms.
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ED attached assets worth ₹1,700 crore linked to Chandrakar, including luxury villas and high-end apartments in Dubai.
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Chandrakar's ₹200-crore wedding in Dubai involved private jets and Bollywood celebrities, highlighting lavish spending.
Why this arrest matters for corporate India
Garg is the promoter of three listed firms and allegedly used illicit betting proceeds to acquire a 64% stake in EbixCash, a major digital payments and forex company. The case underscores how illegal funds can penetrate legitimate corporate structures, raising questions about due diligence in high-value acquisitions. This development may set a precedent for regulatory scrutiny over corporate investments linked to financial crimes. NDTV 24x7
ED's allegations and the asset trail
The ED alleges that funds from the Mahadev Online Book and Skyexchange betting operations, amounting to about ₹940.77 crore, were channelled into entities owned or controlled by Garg. These funds were moved through various layers of companies and then used for acquiring shares, securities, land parcels, residential properties, and other assets. The attached holdings include equity stakes, bank deposits, and real estate in multiple locations. NDTV Profit
Inside the Mahadev betting syndicate
The Mahadev network, allegedly run by Saurabh Chandrakar and Ravi Uppal from Dubai, operated a franchise-based panel system generating over ₹450 crore monthly. Linked platforms include Tiger Exchange, Gold365, and Laser247, with operations spread across India and abroad. The syndicate’s scale and political connections in Chhattisgarh highlight systemic challenges in tackling cross-border illegal betting and money laundering. Business Today
