Ebix Group Chairman Vikas Garg Arrested In Mahadev Betting App Case
The Enforcement Directorate has arrested Ebix Group Chairman Vikas Garg for his alleged involvement in the Mahadev online betting app money laundering case. Garg is accused of routing illegal betting proceeds into his companies to acquire assets.
Why it matters
Represents a significant development in a high-profile financial crime investigation involving thousands of crores in illicit funds.
In a high-profile arrest, the Enforcement Directorate has taken Ebix Group Chairman Vikas Garg into custody for his alleged links with the Mahadev online betting case.The ED had recently attached properties belonging to Garg, his family members and entities linked to him, valued at Rs 940.77 crore. Officials from the probe agency said the ill-gotten money from the app was routed into companies controlled by the Ebix Group chairman. They were then layered through various entities and used to acquire shares, securities and other assets.Garg, they said, is the promoter of three listed firms - Vikas Ecotech Limited, Vikas Lifecare Limited, and Eraaya Lifespaces Limited.
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