Mahadev Betting App Case: ED Arrests EBIX Chairman Vikas Garg In Money Laundering Probe

ED arrested EBIX Chairman Vikas Garg under PMLA in connection with Mahadev Online Book and Sky Exchange money laundering probe.

Assets worth Rs 940.77 crore linked to Garg, his family and entities were attached under PMLA before the arrest.

ED alleges betting proceeds were routed through shell companies, accommodation entries, and overseas investment structures including QIPs, FPIs, FDIs and FCCBs.

Garg allegedly worked with H.S. Tibrewal to route illicit funds into companies such as Eraaya Lifespaces, EBIX Inc., Vikas Lifecare, Vikas Ecotech, GG Engineering Ltd and Teamo Productions HQ Ltd.

Funds were reportedly used to acquire shares of EBIX Inc. and manipulate stock prices of listed SMEs and penny stocks under Garg's control.