From Mahadev Betting App Profits To EbixCash Stakes: How Businessman Vikas Garg Landed In ED Net

The Enforcement Directorate (ED) has arrested Vikas Garg, the Chairman of Eraaya Lifespaces and a key figure linked to Ebix, in connection with an alleged money laundering case tied to the Mahadev betting app scam. Reports claim that Garg was arrested from his Delhi residence by the ED on Tuesday and has been taken to Raipur, where he will be produced before a special PMLA (Prevention of Money Laundering Act) court on Wednesday.

Who Is Vikas Garg?

Garg is a Delhi-based businessman associated with the Ebix group who was arrested by the ED on Tuesday in connection with the alleged money laundering case. According to the ED, Garg is associated with the key kingpins of the Mahadev betting app syndicate. He allegedly helped route and launder illicit funds through corporate investments, shell companies, and the stock market.

The agency recently froze and seized assets worth Rs 940.77 crore belonging to Garg, his family, and companies controlled by him. The ED has alleged that Garg used these illicit funds to acquire a 64% stake in EbixCash through Eraaya Lifespaces Limited.

Rs 190 Crore Customs Duty Fraud

According to reports, this is not the first time Garg is facing law enforcement scrutiny. He came under the ED scanner in 2025 when the agency conducted raids and questioned him in connection with an alleged Rs 190-crore customs duty fraud. The ED stated that he used forged export documents to divert duty-free imports into the domestic market, causing significant revenue losses to the government.

The Mahadev Betting App Case

Reports indicate that the agency’s investigation into the massive Mahadev betting app case is ongoing, and Garg’s specific role will be thoroughly examined during custodial interrogation and subsequent court proceedings in Raipur. Investigators have found that the main kingpins, Saurabh Chandrakar and Ravi Uppal, built the platform and established a nationwide betting network. The duo fled to West Asian countries a few years ago and have been operating the syndicate from overseas, reaching millions of users through various social media platforms. Reports claimed the ED has attached seized and frozen properties worth Rs 3800 crore in total in Mahadev betting app case so far.

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