Mahadev betting app case: ED raids Delhi premises of industrialist Vikas Garg in money laundering probe

The Enforcement Directorate (ED), Mumbai, on Wednesday conducted searches at the Delhi premises of industrialist Vikas Garg, owner of Ebix Cash, Vikas Ecotec, and Vikas Lifecare. Garg is already under investigation for alleged share price manipulation and money laundering linked to the Mahadev Betting app case.

According to officials, Garg was earlier searched in April and later summoned to the Raipur ED office for questioning. He is suspected of using proceeds from the Mahadev app—allegedly operated by Harishankar Tibrewal—to manipulate penny stock prices and channel illicit funds through his companies.

The Securities and Exchange Board of India (SEBI) is conducting a parallel probe into share price irregularities involving Garg’s firms. The latest ED searches are aimed at uncovering evidence of financial layering and fund diversion across multiple entities linked to him.

Earlier this year, ED unearthed a complex web of financial transactions allegedly used to channel illicit funds into the stock market and corporate acquisitions. Investigations earlier this year revealed that Harishankar Tibrewal, the alleged mastermind of the betting network, used Foreign Portfolio Investments (FPIs) to pump money into several listed Small and Medium Enterprises (SME).

According to the agency, these investments were intended to manipulate stock prices—artificially inflating them before offloading the shares for hefty profits, often doubling or tripling the original investment.

Now, the ED’s focus has expanded to the acquisition of Nasdaq-listed Ebix Inc. by Eraaya Lifespaces, an Indian firm promoted by Vikas Garg. The agency suspects that funds used for this acquisition were raised through multiple entities linked to Tibrewal’s network.

What is Mahadev Betting App case?

The Mahadev Betting App case involves a massive illegal online gambling network that used the Mahadev Online Book app to enable betting on cricket, poker, and other games. The ED estimates money laundering of over Rs 40,000 crore, routed through benami bank accounts and shell companies. The app’s operators allegedly franchised the platform on a profit-sharing model and even used illicit funds for stock price manipulation. The Supreme Court has directed the ED to trace absconding co-founder Ravi Uppal, who fled Dubai despite an Interpol notice, warning that investigative agencies must not be “playthings for white-collar criminals.”

So far, the ED has conducted over 170 raids nationwide, identifying a sprawling web of companies and individuals tied to the alleged laundering operation. Assets worth over Rs 3,000 crore, including cash, property, demat accounts, and shareholdings, have been attached as part of the ongoing crackdown on the Mahadev Betting syndicate.