Particle.news
Download on the App Store
13 ARTICLES
·
4w ago

ED Arrests Ebix Chairman Vikas Garg as Mahadev Case Seizures Reach ₹3,800 Crore

His 10-day custodial remand gives investigators time to question him on allegations that betting proceeds were layered through shell firms and overseas investment routes to fund corporate buys.

Image
Image
Image
Image

Overview

  • The Enforcement Directorate arrested Vikas Garg from his Delhi home and after a Delhi court granted transit remand the special PMLA court in Raipur sent him to ED custody for 10 days for interrogation.
  • Last week the ED provisionally attached assets worth ₹940.77 crore linked to Garg, his family and companies, bringing total attached, frozen or seized value in the Mahadev probe to about ₹3,800 crore.
  • ED filings allege the Mahadev and SkyExchange betting syndicates generated large illegal proceeds that were converted through hawala and accommodation entries and routed via FPIs, FCCBs, QIPs and shell entities into Garg-linked firms.
  • The agency says a substantial portion of the traced funds financed Eraaya Lifespaces’ takeover of US-based EBIX Inc., and investigators cite bank records, recorded statements and digital evidence to support their money‑trail claims.
  • The probe remains active with the Mahadev promoter Saurabh Chandrakar detained in Oman and extradition steps under way, and the case is likely to prompt further attachments, charges and scrutiny of tied listed companies and investors.