The Enforcement Directorate (ED) has moved an application to confirm the provisional attachment of properties worth Rs 940.77 crore belonging to Vikas Garg, Chairman of EBIX Group, and his family members. The attachment was carried out in June as part of the Mahadev Betting App syndicate money laundering case.
The ED investigations exposed the alleged role of Vikas Garg in the Mahadev Betting App operations, and the agency has now attached his properties and shares worth over Rs 940.77 crore. The attachments include shares of Eraaya Lifespaces Ltd, worth around Rs 893 crore, and immovable properties, including residences in Delhi, offices, and properties in Goa, Nainital, and other locations.
The ED had earlier searched Garg’s premises in 2024 and recorded his statements on multiple occasions. Garg is said to be a close associate of Harishankar Tibrewal, the mastermind behind the Mahadev Online Betting network.
Alleged Involvement in Illegal Betting
According to sources, Vikas Garg was also associated with the illegal betting platform Skyexchange, which is part of the Mahadev Online Betting network. Garg allegedly received huge amounts of funds from Hari Shankar Tibrewal through different entities in the form of FDI, FPI, and bonds, which were allegedly proceeds of crime generated from scheduled offenses related to illegal betting operations.
The investigation also revealed that Vikas Garg is the owner of Ms GG Engineering Ltd and Teamo Productions HQ Ltd. An individual, Amit Saraogi, allegedly provided bank accommodation entries against cash for these companies on the direct instructions of Vikas Garg.
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Associates and Shareholders
Vikas Garg is known to Hari Shankar Tibrewal’s associates, Gagan Gupta and Sunil Bhandari.
Vishesh Gupta is a relative of Vikas Garg. Vishesh Gupta became a shareholder in Ms Integra Essentia Limited and Teamo Productions HQ Ltd on Garg’s instructions.
Garg allegedly arranged funds for share purchases. Vishesh Gupta holds shares on behalf of Garg.
Properties Attached
The properties attached by the ED include 12.84 lakh shares of Eraaya Lifespaces, worth Rs 765.77 crore, and immovable properties, including Garg’s residence at Punjabi Bagh in Delhi, apartments in the luxury project The Amaryllis in Delhi, properties in the Safdarjung Development Scheme, a property on Babar Road, and several other locations in Delhi, Goa, and Nainital.
The ED has also alerted and informed SEBI to conduct a detailed investigation into the alleged manipulation of share prices by Vikas Garg.