ED seizes assets worth ₹940.77 crore in illegal betting case

Traders Union
All News
Financial News
ED attaches assets in betting case

Highlights

The Enforcement Directorate has provisionally attached assets worth approximately ₹940.77 crore belonging to Vikas Garg, his family, and associated entities in a money laundering case.
The illegal betting operations of the syndicate linked to Mahadev Online Book and Skyexchange generate over ₹450 crore in criminal proceeds every month.
Under PMLA, assets worth over ₹2,825 crore have been attached or frozen so far, and the court has taken cognizance of the offence.

This article was translated from the original. Read the original version by our correspondent here.

Basis of Attachment Order and Investigation

According to the Enforcement Directorate, the Raipur Zonal Office has issued another provisional attachment order under the Prevention of Money Laundering Act, 2002, on the movable and immovable properties of Vikas Garg, his family members, and entities owned or controlled by them. The total value of these properties is around ₹940.77 crore, including residential properties, land parcels, equity shares, and other securities.

This action is part of the ongoing money laundering investigation related to illegal online betting operations linked to Mahadev Online Book and Skyexchange. The ED states that it initiated the investigation based on FIRs registered by Chhattisgarh Police, Durg, and other cases filed in Chhattisgarh, Andhra Pradesh, and West Bengal, among other states, where operators, promoters, and associates of the platforms have been accused of criminal conspiracy, fraud, and forgery.

Money Laundering Charges and Wider Impact of the Case

According to the investigating agency, the betting syndicate operates through a franchise-based panel network from abroad and generates over ₹450 crore in criminal proceeds every month from illegal betting operations. The ED said that this money is presented as legitimate funds through a multi-layered structure of cash entry providers, a web of shell entities, and layered transactions.

According to the agency, about ₹940.77 crore in criminal proceeds generated from Mahadev Online Book and Skyexchange operations were routed into entities owned and controlled by Vikas Garg. These amounts were then further layered through various entities and used to purchase shares, securities, and other assets.

Previously, seven provisional attachment orders have been issued in the case, and prosecution complaints, including supplementary complaints, have been filed before the Special Court, PMLA, Raipur. The court has taken cognizance of the money laundering offence, while prior to this latest action, assets worth about ₹2,825 crore, including foreign assets, had already been attached, seized, or frozen.

Our previous report discussed the strength in Chevron (CVX) shares and the licensing agreement with ZL Chemicals. It was noted that this deal could help the company expand into shale and tight reservoir services through commercialization of its proprietary surfactant technology, while technical indicators were overall bullish, but some overbought signals pointed to short-term consolidation/correction risks.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.