The Enforcement Directorate (ED) has intensified its investigation into the Mahadev online betting app and its associated money laundering operation by attaching movable and immovable assets valued at ₹940.77 crore. The properties are allegedly linked to accused businessman Vikas Garg, his family members, and related entities.
According to the agency, the seized assets include residential properties, land parcels, equity shares, securities, and other financial investments believed to have been acquired using proceeds of illegal online betting.
Investigators Allege ₹450 Crore Monthly Illegal Earnings
The ED alleges that the Mahadev Online Book and the SkyExchange betting network operated through a franchise-based panel system managed from overseas. Officials claim the syndicate generated more than ₹450 crore every month through illegal online betting activities.
Investigators further allege that the proceeds were transferred through multiple financial layers before being routed into various entities to conceal their origin.
Money Laundering Through Shell Companies
The agency says shell companies and fictitious financial transactions were allegedly used to convert illegal earnings into seemingly legitimate investments. Funds were reportedly diverted into shares, securities, real estate, and other assets through a complex network of entities.
Officials claim that approximately ₹940.77 crore ultimately reached companies associated with Vikas Garg using these methods.
Total Attachments Reach Nearly ₹3,800 Crore
The latest attachment follows seven earlier provisional attachment orders issued in the case. Prosecution complaints and supplementary complaints have already been filed before the Special PMLA Court in Raipur.
With this latest action, the total value of assets attached in the Mahadev betting app investigation has climbed to nearly ₹3,800 crore, according to the ED. Authorities stated that the investigation remains ongoing and further action may follow as more evidence emerges.
