The Enforcement Directorate on Tuesday arrested Vikas Garg, chairman of Ebix in connection with the Mahadev Online Betting case, according to NDTV Profit. The ED attached properties of Garg and his family members and entites valued at Rs 940.77 crore, which it said, was owned and controlled by him.
The ED said that Garg routed the illicit funds obtained from the betting app into these aforementioned entites.
The economic intelligence agency arrested Garg at his residence in Delhi, from where he is being transported to Raipur after obtaining a transit remand from the Court, He is set to be produced in front of the PMLA court in Raipur on Wednesday.
The law enforcement agency identified Garg as the promoter of the three listed entities, Vikas Ecotech Ltd., Vikas Lifecare Ltd., and Eraaya Lifespaces Ltd. It also said that it uncovered that the Ebix Chairman had acquired a 64% stake in EbixCash via Eraaya Lifespaces Ltd. by using the aforementioned illicit funds allegedly made from illegal betting activities.
This is a part of its ongoing money laundering probe into the alleged Mahadev Online Booking and Skyexchange betting networks
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 Rs 3,800 crore.
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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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