ED Attaches Assets Worth ₹940.77 Crore in Mahadev Betting Probe

The Enforcement Directorate has attached assets worth ₹940.77 crore linked to businessman Vikas Garg, intensifying its probe into the Mahadev Online Book illegal betting case. With this, the total assets frozen in the case rise to ₹3,800 crore, highlighting the scale of alleged money laundering operations.

The Enforcement Directorate (ED) has taken decisive action in its ongoing investigation into the Mahadev Online Book illegal betting case by attaching assets valued at ₹940.77 crore. These assets are purportedly connected to Delhi-based businessman Vikas Garg, as well as his family members and entities under his control. The ED has petitioned the Adjudicating Authority under the Prevention of Money Laundering Act (PMLA) to affirm the provisional attachment as mandated by the law. The seized assets include residential properties, land parcels, equity shares, and various securities. According to the ED, these assets are the proceeds of crime from the illicit betting operations of Mahadev Online Book and Skyexchange.

This latest attachment represents one of the largest in the ED's investigation into the Mahadev case. The total asset value attached, seized, or frozen now amounts to approximately ₹3,800 crore, with the latest attachment accounting for nearly a quarter of this sum. Investigations revealed that the betting syndicate functioned via a franchise-based 'panel' network operating from abroad and was generating over ₹450 crore monthly through illegal betting activities. The ED claims that the funds were channeled through shell companies and laundered via complex financial transactions before being invested in shares, land, and other assets.

According to the agency, around ₹940.77 crore of illicit funds were funneled into entities controlled by Vikas Garg. These funds were allegedly layered through several entities and used to acquire assets. The investigation is based on multiple FIRs filed by the police in Chhattisgarh, Andhra Pradesh, and West Bengal against operators, promoters, and associates of the illegal betting platforms involved in allegations of criminal conspiracy, cheating, and forgery. The ED has issued seven Provisional Attachment Orders and submitted prosecution complaints, including supplementary ones, to the Special Court (PMLA) in Raipur, which has recognized the offence of money laundering. Prior to the latest actions, assets worth approximately ₹2,825 crore, including overseas properties, had already been attached, seized, or frozen, bringing the total to ₹3,800 crore in the Mahadev inquiry.