New Delhi [India], July 10 : The Directorate of Enforcement (ED) has attached assets worth ₹940.77 crore allegedly linked to Delhi-based businessman Vikas Garg, his family members and entities allegedly owned or controlled by him as part of its money laundering investigation into the alleged Mahadev Online Book/Skyexchange illegal online betting case. The agency has also moved the Adjudicating Authority under the Prevention of Money Laundering Act (PMLA), seeking confirmation of the provisional attachment, as required under the Act.
The provisional attachment, made under the PMLA, covers residential properties, land parcels, equity shares and other securities. According to the ED, the attached assets represent alleged proceeds of crime generated through the Mahadev Online Book and Skyexchange illegal betting operations.
The latest attachment is among the largest made by the ED in the Mahadev investigation. According to the agency, the total value of assets attached, seized or frozen in the case has now reached approximately ₹3,800 crore, with the latest attachment accounting for nearly one-fourth of that amount.
The ED alleged that its investigation revealed the betting syndicate operated through a franchise-based "panel" network from abroad and generated proceeds of crime of more than ₹450 crore every month through illegal betting operations. The agency further alleged that the funds were laundered through shell entities, accommodation entries and layered financial transactions before being invested in shares, securities, land and other assets.
According to the ED, proceeds of crime amounting to approximately ₹940.77 crore were routed into entities allegedly owned or controlled by Vikas Garg. The agency alleged that these funds were subsequently layered through various entities and used for acquiring shares, securities and other assets.
The investigation stems from multiple FIRs registered by police authorities in Chhattisgarh, Andhra Pradesh and West Bengal against the alleged operators, promoters and associates of the illegal online betting platforms. The cases involve allegations of criminal conspiracy, cheating and forgery.
The ED said it has already issued seven Provisional Attachment Orders and filed prosecution complaints, including supplementary prosecution complaints, before the Special Court (PMLA), Raipur, which has taken cognisance of the offence of money laundering.
According to the agency, before the latest attachment, movable and immovable properties, including foreign assets, worth approximately ₹2,825 crore had already been attached, seized or frozen. With the present attachment, the total value of assets attached, seized or frozen in the Mahadev Online Book investigation has risen to approximately ₹3,800 crore.