- Enforcement Directorate attached assets worth Rs 940.77 crore linked to Vikas Garg and associates
- Assets include residential properties, land, equity shares, and securities under PMLA investigation
- Total attached, seized, and frozen assets in the case now nearly Rs 3,800 crore
The Enforcement Directorate on Friday attached movable and immovable assets worth Rs 940.77 crore belonging to businessman Vikas Garg, his family members, and the companies that are controlled by him as part of its ongoing money laundering probe into the alleged Mahadev Online Booking and Skyexchange betting networks, ANI reported.
The central agency said the attached assets include residential properties, land parcels, equity shares and other securities. With the latest development, the total value of assets attached, seized and frozen in the case has risen to nearly R 3,800 crore.
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The following attachment was carried out by the ED's Raipur Zonal Office under a Provisional Attachment Order issued under the Provisions of the Prevention of Money Laundering Act (PMLA), 2002, as part of its investigation into the illegal online betting operations.
According to the ED, the money laundering investigation stems from multiple First Information Reports (FIR's) registered by the Chhattisgarh Police, Andhra Pradesh and West Bengal Police.
The case involves allegations of criminal conspiracy, cheating, forgery and the operation of illegal online betting platforms.
The agency said its probe found that the Mahadev Online Book and Skyexchange betting syndicates operated through a franchise-based panel network from outside India, allegedly generating proceeds of crime exceeding Rs 450 crore every month.
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The illegitimate funds were allegedly routed through a complex web of shell entities and accommodation entries to make them appear legitimate.
The ED also alleged that proceeds of crime to the tune of around ₹940.77 crore were routed into entities owned and controlled by Vikas Garg, which were layered through multiple transactions and invested in shares, securities and other assets.
The agency stated that it has already issued seven Provisional attachment orders in the case and filed prosecution complaints before the Special PMLA Court in Raipur, which has taken cognisance of the alleged offence.
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