ED Files Complaint Seeking Confirmation of Rs 940.77 Crore Asset Attachment Linked to Ebix Chairman Vikas Garg in Mahadev Betting Case

New Delhi/Raipur, 6th July 2026: The Raipur Zonal Office of the Directorate of Enforcement (ED) has filed a formal complaint before the Adjudicating Authority under the Prevention of Money Laundering Act (PMLA), 2002. The complaint seeks confirmation of the Provisional Attachment Order (PAO) No. 16/2026, dated June 5, 2026, which froze movable and immovable assets worth ₹940.77 crore.

The prime target of the attachment is Delhi-based businessman Vikas Garg—Chairman of Ebix Inc. and promoter of several listed Indian firms including Eraaya Lifespaces Ltd., Vikas Lifecare Ltd., and Vikas Ecotech Ltd.—along with his family members and closely held corporate entities. The ED alleges these assets represent the “proceeds of crime” generated by the notorious Mahadev Online Book and Skyexchange illegal betting syndicates.

The Mahadev & Skyexchange Connection

According to the complaint, investigations initiated under ECIR/RPZO/10/2022 dated October 6, 2022, revealed a massive, multi-layered money laundering operation. The illegal betting empire—co-founded by Sourabh Chandrakar and Ravi Uppal in Dubai—generated peak profits of approximately ₹450 crore per month between 2020 and 2023.

The ED established that a close associate of the Mahadev promoters, ran the allied platform Skyexchange.com. The associate systematically channeled these illicit betting proceeds into the Indian stock market and corporate sectors. Vikas Garg and his associates allegedly colluded with the associate, knowingly accepting these funds to launder them through public listed entities and real estate investments.

Detailed Breakdown of Attached Assets

The attached assets, totaling ₹940,77,00,000.48, are split into massive corporate equity holdings (movable assets) and premium real estate properties (immovable assets) spread across five states:

1. Movable Assets (Ebix Inc. Equity): ₹893.03 Crore

The most significant attachment involves the equity of US-based software company Ebix Inc., which was acquired by Garg-promoted Eraaya Lifespaces Ltd. in August 2024 through US bankruptcy proceedings.

Asset DescriptionOwner of Record / CustodianShareholding %Value of Attachment (INR)Legal Relation to Crime

12,84,000 Shares of Ebix Inc. Eraaya Lifespaces Ltd. 64.20% ₹765,77,00,000.00 Direct Proceeds of Crime

2,13,200 Shares of Ebix Inc. Eraaya Lifespaces Ltd. 10.66% ₹127,26,38,903.00 Value equivalent to consumed proceeds

Total Movable Assets 74.86% ₹893,03,38,903.00

2. Immovable Assets: ₹47.73 Crore

Because a portion of the illicit proceeds was exhausted during business operations and personal expenses, the ED attached equivalent-value real estate properties owned by the Garg family and their firms:

Sl.Property Description & LocationRegistered OwnerValue (INR)

1 House No. 4/98 (950 sq. mtrs), Saligao, Bardez, Goa M/s Stepping Stone Construction Pvt. Ltd. ₹2,30,94,500.00

2 Khasra No. 1302, 1310, 1312, 2070 (900 sq. mtrs), Nainital, Uttarakhand M/s Just Right Life Limited ₹4,18,95,000.00

3 Flat No. 1102 (3,923 sq. ft.), Iconic Apartment, Kishan Ganj, Delhi Seema Garg (Wife of Vikas Garg) ₹8,01,96,815.00

4 1/3rd Share in Basement, Safdarjung Dev. Scheme, New Delhi Sukriti Garg (Daughter of Vikas Garg) ₹79,04,000.00

5 Ground Floor (Property No. 4), Safdarjung Dev. Scheme, New Delhi Sukriti Garg (Daughter of Vikas Garg) ₹2,26,72,000.00

6 Flat No. 2304, Iconic Apartment, The Amaryllis, Kishan Ganj, Delhi Sukriti Garg (Daughter of Vikas Garg) ₹9,83,39,838.00

7 Apartment No. OMD3201, 15 Shivaji Marg, New Delhi Vikas Garg ₹5,66,24,584.48

8 Flat No. G-2, Ground Floor, East Punjabi Bagh, Delhi Vikas Garg HUF (Karta Vikas Garg) ₹1,32,50,000.00

9 Property No. 64, Babar Road, Bengali Market, New Delhi M/s Vikas Lifecare Ltd. ₹11,01,54,000.00

10 Unit No. G-31, Ground Floor, Vikas Cine Mall, Dehradun, Uttarakhand M/s Vikas Multicorp Limited ₹49,69,000.00

11 Plot No. G16 & 17, Shahjahanpur Industrial Area, Alwar, Rajasthan M/s Vikas Lifecare Ltd. ₹95,40,000.00

12 Built-Up Shop, G.T. Road, Shahdara, Delhi M/s Vikas Multicorp Limited ₹87,21,360.00

Total Immovable Assets ₹47,73,61,097.48

The Money Laundering Modus Operandi

The ED’s complaint outlines two primary channels through which betting money was integrated into Vikas Garg’s corporate ecosystem:

• Route I — The Accommodation Entry Route (₹175 Crore):
• Kolkata-based entry operator Amit Saraogi arranged bank accommodation entries using a web of 28 shell companies. Under instructions from the promoter’s associate, cash from the betting operations was fed into the banking system and routed as “fictitious investments” into Garg’s companies, including GG Engineering Ltd. and Teamo Productions HQ Ltd. These funds were subsequently exhausted or distributed to Garg’s family members (including Seema Garg).
• Route II — The Overseas Investment Route (₹765.77 Crore):
• The associate used offshore conduit entities registered in tax havens (Mauritius, Dubai, UK) to inject illicit betting proceeds directly into Indian listed companies owned by Garg through Qualified Institutional Placements (QIP), Foreign Portfolio Investments (FII/FPI), Foreign Direct Investments (FDI), and Foreign Currency Convertible Bonds (FCCB). These funds were then transferred to Eraaya Lifespaces Ltd. to acquire the 97.58% stake in Ebix Inc.

Regulatory Basis & Next Steps

The PMLA investigation is supported by a series of predicate FIRs registered across multiple jurisdictions, including the Chhattisgarh Police, Andhra Pradesh Cyber Crime Police, Kolkata Police, and the Economic Offences Wing (EOW), Raipur.

Vikas Garg had been searched and summoned by the ED on multiple occasions. During questioning, he admitted to his association with his associate since 2021 and confessed to knowing that the massive inflows into his firms originated from illegal betting operations.

Under Section 5(5) of the PMLA, the provisional attachment order remains valid for 180 days, during which the Adjudicating Authority must hear the defendants before passing a final order to confirm the seizure, paving the way for the eventual confiscation of these assets by the state.