The ED filed a complaint to confirm the attachment of ₹940.77 crore in assets in the Mahadev Online Book case. The assets, linked to Delhi businessman Vikas Garg, include shares in Ebix Inc. and various properties, alleged as proceeds of crime.
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 complaint names Delhi-based businessman Vikas Garg, along with his family members and companies, as defendants in the proceedings. The ED has alleged that assets linked to Vikas Garg are proceeds of crime or were acquired from such proceeds. The complaint has been filed under Section 5(5) of the PMLA following the Provisional Attachment Order dated June 5, 2026.
Details of Attached Assets
According to the ED, assets worth ₹940.77 crore have been attached as they are alleged proceeds of crime or properties allegedly acquired from such proceeds. The attachment includes movable assets worth ₹893.03 crore and immovable properties worth ₹47.73 crore.
Among the largest attachments are 12.84 lakh shares representing a 64.20% stake in Ebix Inc., held through Eraaya Lifespaces Ltd., valued at ₹765.77 crore. The ED has also referred to another 10.66% 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.
Immovable Properties Seized
The ED has also attached several properties allegedly linked to the accused. These include luxury apartments in The Amaryllis in Delhi, commercial properties in Safdarjung Development Scheme, a residential property on Babar Road, an apartment on Shivaji Marg, a flat owned by Vikas Garg HUF, besides properties in Goa, Uttarakhand, Rajasthan and Dehradun held by the companies named in the complaint.
Basis of the Investigation
According to the ED complaint, the ED has reason to believe that these assets were acquired from the alleged proceeds of crime and are therefore liable to attachment under the PMLA. The agency has informed the Adjudicating Authority that the provisional attachment order has been served on all the defendants.
The complaint states that the money laundering investigation is based on several predicate offences registered by the Chhattisgarh Police, Andhra Pradesh Police, Economic Offences Wing (EOW), Raipur, and Kolkata Police. These cases relate to allegations of criminal conspiracy, cheating, forgery, use of forged documents, corruption and illegal betting activities.
Predicate Case Details
Referring to one of the predicate cases, the ED states that the Chhattisgarh Police had alleged that an illegal online betting network was being operated through the Mahadev Online Book platform and related websites. According to the complaint, the accused allegedly created betting IDs, collected money from bettors and facilitated betting on cricket and other sporting events.
The complaint further alleges that during the investigation, 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. It also alleges that bank accounts used in the betting operations were obtained by cheating and impersonating unsuspecting persons. The ED has requested the Adjudicating Authority to confirm the provisional attachment of the properties under the provisions of the Prevention of Money Laundering Act. (ANI)
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