ED secures 24-hour transit remand of Ebix Chairman Vikas Garg from Tis Hazari Court

A Delhi court on Tuesday granted the Enforcement Directorate (ED) 24 hours' transit remand of Ebix Chairman Vikas Garg, who was arrested in connection with the alleged Mahadev Online Book or Skyexchange money laundering case. Additional Sessions Judge Vijay Shankar of Tis Hazari Court allowed the ED to take Garg to Raipur, Chhattisgarh, where he will be produced before a special court under the Prevention of Money Laundering Act (PMLA), 2002.

The arrest comes days after the ED provisionally attached assets worth Rs 940.7 crore belonging to Garg, his family and entities allegedly controlled by him under the PMLA. According to the agency, the attached assets include residential properties, land parcels, equity shares and other securities, which it alleges are proceeds of crime generated through the illegal betting network.

The ED sought Garg's transit remand as part of its ongoing probe into the alleged laundering of proceeds from the Mahadev betting syndicate. The court granted the agency 24 hours to facilitate his transfer and production before the designated PMLA court in Raipur.In a statement issued on 10 July, the ED said Garg is being prosecuted under the PMLA for his alleged involvement in the "Mahadev Online Book or Skyexchange illegal online betting case". The Mahadev Book app, which presents itself as a sports insights platform, and Dubai-based betting platform Skyexchange are among the online platforms under investigation.

The agency's investigation into Garg follows searches conducted at his residence and the offices of his companies in April 2025. At the time, companies promoted by Garg informed stock exchanges that the searches related to an investigation involving third-party entities and transactions. In subsequent regulatory filings, the companies acknowledged the PMLA proceedings, denied the allegations and said they were contesting the action before the appropriate legal forums.

Garg is the promoter of Vikas Lifecare and Vikas Ecotech, both listed on the National Stock Exchange, and Ebiz, which is listed on the Bombay Stock Exchange. In August 2024, he was appointed convenor of the Bharatiya Janata Party's Economic Cell in Delhi.The Mahadev betting app case centres on allegations that the syndicate laundered proceeds through hawala channels, cryptocurrency and benami bank accounts. According to the ED, the network operated through multiple online betting platforms, including Tiger Exchange, Gold365 and Laser247, using a franchise model with panels and branches across India while being directed from Dubai by its alleged masterminds, Saurabh Chandrakar and Ravi Uppal.

In another significant development, Chandrakar, the alleged promoter of the Mahadev betting app and a key accused in the estimated Rs 6,000 crore scam, has been traced in Oman. Indian authorities have initiated extradition proceedings after he was detained by the Royal Oman Police on the basis of an Interpol Red Notice issued at the request of the ED and the Chhattisgarh Police.

The ED has separately attached assets worth around Rs 1,700 crore linked to Chandrakar, including luxury villas and premium apartments in Dubai.

The Mahadev betting app investigation has expanded considerably since it began in 2022. According to the ED, the agency has searched more than 175 premises across the country, arrested 13 individuals, filed five prosecution complaints naming 74 entities as accused and attached assets worth thousands of crores in India and overseas as part of the probe.