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ED arrests Ebix chairman Vikas Garg in betting case
The Hindu··15 Jul
The Enforcement Directorate arrested Ebix group chairman Vikas Garg from his Delhi home on July 14 in a money laundering case linked to the Mahadev online betting app. The agency has attached properties worth Rs 940.77 crore. Garg allegedly routed betting proceeds into entities he controlled. He will be produced before a PMLA court in Raipur.
Prism
What It Means For You
- Online betting proceeds may be laundered through legitimate business entities.
- Investors in firms linked to accused promoters face regulatory scrutiny.
- ED action signals continued pursuit of the Mahadev betting network.
What's Happening
- Vikas Garg was arrested by ED from Delhi on July 14.
- Properties worth Rs 940.77 crore were previously attached.
- He will be produced before a PMLA court in Raipur.
Mahadev Betting Case
- The alleged scam is pegged at around Rs 6,000 crore.
- Saurabh Chandrakar co-founded the Mahadev Online Book app in 2018.
- Garg allegedly used betting funds to acquire a 64% EbixCash stake.
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