Raipur: The Directorate of Enforcement’s (ED) Raipur Zonal Office has delivered a fresh blow to the operators of the infamous Mahadev Online Book and Skyexchange illegal betting syndicate by attaching movable and immovable properties worth Rs. 940.77 crore belonging to Vikas Garg, his family members, and entities controlled by him, an agency press release said on Friday.
The latest Provisional Attachment Order, issued under the Prevention of Money Laundering Act (PMLA), 2002, covers residential properties, land parcels, equity shares, and other securities.
This action forms a significant escalation in the ongoing money laundering probe linked to one of India’s largest illegal online betting networks, the agency said.
The ED initiated the investigation based on multiple First Information Reports (FIRs) registered by police in Chhattisgarh (particularly Durg), Andhra Pradesh, West Bengal, and other states.
These FIRs alleged criminal conspiracy, cheating, and forgery against the promoters, operators, and associates of the betting platforms.
According to the ED, the syndicate runs a sophisticated franchise-based “panel” network operated primarily from abroad. It was reportedly generating proceeds of crime exceeding Rs 450 crore every month through illegal betting operations.
The agency’s probe revealed that these illicit funds were systematically laundered through a complex web of shell entities using accommodation entries arranged against cash. The tainted money was layered via multiple transactions to project it as legitimate funds.
The investigation further established that proceeds amounting to approximately Rs 940.77 crore from the Mahadev and Skyexchange operations were routed into entities owned and controlled by Garg. These funds were subsequently used to acquire shares, securities, and other high-value assets.
This is not the first major action in the case. The ED has already issued seven Provisional Attachment Orders and filed prosecution complaints, including supplementary ones, before the Special Court (PMLA) in Raipur. Earlier attachments and seizures, including foreign assets, totalled around Rs 2,825 crore. With the latest order, the cumulative value of properties attached, seized, or frozen in this case has now reached approximately Rs 3,800 crore. The development underscores the ED’s aggressive pursuit of the financial architecture supporting illegal betting rackets that continue to exploit digital platforms. Further investigation into the larger conspiracy and additional beneficiaries is underway.
(IANS)
