ED has arrested EBIX Inc Chairman Vikas Garg in the Mahadev App scam. Earlier, ED had also attached properties worth Rs 940 crore of Vikas Garg. It is being said that the biggest impact of this action was on his company Eraaya Lifespaces and thousands of small investors investing in it. ED alleges that the proceeds of alleged crime related to Mahadev betting app were used to buy American software company Ebix. For this reason, the agency had also attached more than 75 percent stake of Araya Lifespaces in Ebix.
Actually, Vikas Garg is the promoter of three listed companies Vikas Ecotech, Vikas Lifecare and Araya Lifespaces. Apart from his house and offices in Delhi, ED has also attached properties in Goa, Nainital and other places. This action was taken under the provisional attachment order issued by the Chhattisgarh zonal office of ED on June 5.
Bought Ebix for Rs 1,273 crore
In the year 2024, Vikas Garg came into limelight when his company Araya Lifespaces bought the bankrupt American software company Ebix for about Rs 1,273 crore. Ebix was once considered a large software company in the financial services sector, but due to heavy debt, it applied for Chapter-11 bankruptcy protection in the US in December 2023. ED says that a large part of the money raised for the purchase of Ebix was suspicious. The agency claims that illegal earnings worth thousands of crores of rupees were made through Mahadev Betting App.
Illegal earnings worth Rs 6,000 crore were made
The main accused in this case are Saurabh Chandrakar and Ravi Uppal sitting in Dubai. The investigating agency alleges that illegal earnings of about Rs 6,000 crore were made through this network. ED also alleges that Nitin Tibrewal, living in Dubai, was playing an important role in money laundering of this money. In November 2025, ED had also raided his premises in the alleged customs fraud case of Rs 190 crore. It was alleged that fake documents were used in the import of betel nut and other goods.
Vikas Garg was fined Rs 4 lakh
Apart from this, in June 2024, market regulator SEBI had also imposed a fine of Rs 4 lakh on Vikas Garg for violation of takeover rules, while in January 2025, some big investors of Araya Lifespaces had written a letter to SEBI complaining about serious corporate governance in the company. It was alleged that Vikas Garg had complete control over the company, but did not declare himself as promoter for a long time. Later, after the completion of Ebix acquisition, he included himself in the promoter group. Investors had also alleged that there were many irregularities in the removal of independent directors of the company and in the decisions of the board.
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