The Enforcement Directorate (ED) in India has provisionally seized assets worth $98.5 million linked to Vikas Garg, the chairman of EBIX Group, in a money laundering case involving the illegal iGaming operator Mahadev.
According to the ED, Garg allegedly assisted in legalizing the syndicate's earnings through stock market transactions, shell companies, and foreign portfolio investment (FPI) structures.
The majority of the seized assets consist of shares in Eraaya Lifespaces valued at $94.6 million, while the remainder includes Garg's properties located in Delhi, Goa, and Nainital.
ED reports indicate that Garg acted as an intermediary for one of the key figures in the syndicate, H.S. Tibreval, who oversees the Dubai operations of SkyExchange. Funds from the Mahadev and SkyExchange networks were funneled through offshore accounts before being invested in stocks and corporate deals.
Investigators believe Garg has known Tibreval since 2021 and was aware of the origins of the funds. Garg remains under investigation under the Prevention of Money Laundering Act (PMLA).