The ED has also referred to another 10.66 per cent shareholding in Ebix Inc., valued at ₹127.26 crore, alleging that the value of those proceeds of crime has already been consumed and is therefore not available for attachment under the PMLA

The Directorate of Enforcement (ED) has filed a complaint before the Adjudicating Authority under the Prevention of Money Laundering Act (PMLA), seeking confirmation of the provisional attachment of assets worth ₹940.77 crore in connection with the alleged Mahadev Online Book money laundering case.

The assets are linked to Delhi-based businessman Vikas Garg, along with his family members and companies, with ED treating them as proceeds of crime in Mahadev online money laundering case.

The ED filed the complaint under Section 5(5) of the PMLA following the Provisional Attachment Order on June 5. Assets worth ₹940.77 crore -- such as movable assets worth ₹893.03 crore and immovable properties worth ₹47.73 crore -- were attached treating them as proceeds of crime or properties acquired from laundered money, as per the ED’s charges.

Largest attachments

Among the largest attachments are 12.84 lakh shares representing a 64.20 per cent stake in Ebix Inc., held through Eraaya Lifespaces Ltd., valued at ₹765.77 crore.

The ED has also referred to another 10.66 per cent shareholding in Ebix Inc., valued at ₹127.26 crore, alleging that the value of those proceeds of crime has already been consumed and is therefore not available for attachment under the PMLA.

Several properties attached include luxury apartments in ‘The Amaryllis’ in Delhi, commercial properties in Safdarjung Development Scheme, residential property on Babar Road, an apartment on Shivaji Marg, a flat owned by Vikas Garg (as Hindu Undivided Family). All these are in the national capital. Besides properties in Goa, Uttarakhand, Rajasthan and Dehradun held by the companies named in the complaint have also been attached.

The accused allegedly created betting IDs, collected money from bettors and facilitated betting on cricket and other sporting events. During the investigation, said the complaint, some accused claimed they had been trained by persons identified as Sourabh Chandrakar, alleged to be a co-founder of Mahadev Online Book, and another individual to operate the betting platform. The bank accounts used in the betting operations were obtained by cheating and impersonating unsuspecting persons, the ED, which took over the case from the Chhattisgarh police.

Published on July 6, 2026