ED attaches ₹940.77 crore assets of Vikas Garg in Mahadev betting case, total seizures cross ₹3,800 crore
Synopsis
The ED has attached ₹940.77 crore in assets linked to Vikas Garg in the Mahadev Online Book case — the eighth major enforcement action in a probe that has now frozen or seized approximately ₹3,800 crore. The syndicate was allegedly generating over ₹450 crore a month from illegal betting, operated from abroad through a franchise-based panel network.
Key Takeaways
The ED Raipur Zonal Office attached assets worth ₹940.77 crore belonging to Vikas Garg , his family, and controlled entities on 10 July .
The order covers residential properties, land parcels, equity shares , and other securities under the PMLA, 2002 .
The Mahadev Online Book and Skyexchange syndicate was allegedly generating over ₹450 crore per month through illegal betting.
Cumulative attachments, seizures, and frozen assets in the case have now reached approximately ₹3,800 crore , up from ₹2,825 crore earlier.
The ED has filed seven prior Provisional Attachment Orders and prosecution complaints before the Special Court (PMLA), Raipur .
Investigation into additional beneficiaries and the wider conspiracy is ongoing.
The Directorate of Enforcement (ED)'s Raipur Zonal Office has attached movable and immovable properties worth ₹940.77 crore belonging to Vikas Garg, his family members, and entities under his control, in connection with the Mahadev Online Book and Skyexchange illegal betting syndicate case. The Provisional Attachment Order, issued on Friday, 10 July under the Prevention of Money Laundering Act (PMLA), 2002, pushes cumulative seizures in the case to approximately ₹3,800 crore.
What the Attachment Order Covers
The latest order encompasses residential properties, land parcels, equity shares, and other securities linked to Garg and his associates. According to the ED, proceeds amounting to approximately ₹940.77 crore from the Mahadev and Skyexchange operations were routed into entities owned and controlled by Garg, and subsequently used to acquire shares, securities, and other high-value assets.
How the Syndicate Operated
The ED's investigation revealed that the syndicate runs a sophisticated franchise-based 'panel' network operated primarily from abroad. The network was reportedly generating proceeds of crime exceeding ₹450 crore every month through illegal betting activities. Illicit funds were systematically laundered through a complex web of shell entities using accommodation entries arranged against cash, with tainted money layered across multiple transactions to project it as legitimate income.
Origins of the Investigation
The ED initiated its probe 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.
Scale of Action So Far
This is the eighth major enforcement action in the case. The ED had previously 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, had totalled around ₹2,825 crore. The latest order brings the cumulative value of properties attached, seized, or frozen to approximately ₹3,800 crore, making this one of the largest money laundering enforcement actions linked to online betting in India.
What Comes Next
The ED has stated that further investigation into the larger conspiracy and additional beneficiaries is underway. The scale of the operation — spanning multiple states and international jurisdictions — suggests the probe is far from concluded. Analysts tracking financial crime note that the Mahadev case has become a benchmark for enforcement action against digitally enabled illegal gambling networks in India.
Point of View
800 crore now attached across eight orders and the syndicate allegedly running a ₹450-crore-a-month operation from abroad, the central question is jurisdictional: how effectively can the ED pursue assets and accused persons across international boundaries? The franchise-panel model the syndicate used mirrors structures seen in other transnational cybercrime networks, suggesting this is a template, not an outlier. Prosecution outcomes before the Special PMLA Court in Raipur will determine whether enforcement action translates into convictions — a metric on which India's PMLA track record remains mixed.
NationPress
10 Jul 2026
Frequently Asked Questions
What is the Mahadev Online Book betting case?
The Mahadev Online Book case involves one of India's largest alleged illegal online betting syndicates, which operated alongside the Skyexchange platform through a franchise-based panel network run primarily from abroad. The ED launched its money laundering investigation based on FIRs filed in Chhattisgarh, Andhra Pradesh, West Bengal, and other states alleging criminal conspiracy, cheating, and forgery.
Who is Vikas Garg and why were his assets attached?
Vikas Garg is an individual identified by the ED as having received approximately ₹940.77 crore in proceeds from the Mahadev and Skyexchange betting operations. According to the agency, these funds were routed into entities he owned and controlled, and used to acquire shares, securities, and high-value assets — making them liable for attachment under the PMLA.
How much has the ED seized in total in this case?
As of 10 July, the cumulative value of properties attached, seized, or frozen in the Mahadev betting case has reached approximately ₹3,800 crore. Prior to the latest order, earlier attachments and seizures — including foreign assets — had totalled around ₹2,825 crore.
How did the Mahadev syndicate allegedly launder money?
According to the ED, illicit funds were laundered through a complex web of shell entities using accommodation entries arranged against cash. The tainted money was layered across multiple transactions to make it appear as legitimate income before being used to acquire high-value assets.
What happens next in the Mahadev betting case?
The ED has stated that further investigation into the larger conspiracy and additional beneficiaries is ongoing. Prosecution complaints have already been filed before the Special Court (PMLA) in Raipur, and the agency is expected to pursue further attachment orders as the probe widens.
