ED seizes ₹3 crore cash, 50+ property documents in Ashok Chandak mining probe
Synopsis
The ED's overnight raids across eight locations — netting ₹3 crore in cash and documents on 50-plus properties — reveal how an alleged illegal sand mining operation in Bihar may have funded a chain stretching from betting syndicates to a ₹1,175 crore stake in a US-listed software firm. The Ashok Chandak probe is now one of the most complex multi-jurisdiction money laundering cases the agency is running.
Key Takeaways
The ED seized ₹3 crore in cash and documents linked to more than 50 properties during raids on 18 July 2025 .
Searches spanned eight locations across Sri Ganganagar , Jaipur , Delhi , Patna , and Banka (Bihar) .
Mahadev Enclave Private Limited , allegedly linked to Ashok Chandak , is accused of causing a ₹131 crore loss through illegal sand mining in Bihar.
The probe also examines alleged links to the Mahadev Betting App and Sky Exchange network.
Vikas Garg , Chairman of EBIX , was recently arrested and remanded to ED custody until 24 July .
Alleged crime proceeds were reportedly routed via Dubai , Mauritius , and the US to acquire a ₹1,175 crore stake in EBIX Inc.
The Enforcement Directorate (ED) has recovered ₹3 crore in cash, documents linked to more than 50 properties, and records of several suspicious financial transactions during searches at premises connected to Jaipur-based businessman Ashok Chandak, as part of a money laundering investigation rooted in alleged illegal sand mining. The multi-city operation, launched on Friday, 18 July, spanned eight locations across Rajasthan, Delhi, and Bihar.
Scale and Scope of the Raids
The searches began at 5 am on Friday and continued until 1 am on Saturday, covering four premises in Sri Ganganagar, one in Jaipur, and locations in Delhi, Patna, and Banka (Bihar). Investigators also searched the residence of Chandak's relatives in Jaipur.
Officials seized cash, digital devices, financial records, transaction details, and documents related to property holdings and mining activities. The recovered material is expected to be central to the ongoing probe.
The Illegal Mining Allegation
The action was initiated under the Prevention of Money Laundering Act (PMLA), based on an FIR registered on 21 August 2025. According to the ED, Mahadev Enclave Private Limited, allegedly linked to Chandak, is accused of causing a loss of ₹131 crore to the state through illegal sand mining in Bihar. A separate case has also been registered by the Bihar Department of Mines and Geology over the alleged illegal mining activities.
Mahadev Betting App and EBIX Links
The investigation is also examining Chandak's alleged connections with the Mahadev Betting App and the Sky Exchange betting network — syndicates that have been at the centre of a widening federal probe. The searches follow the recent arrest of Vikas Garg, Chairman of EBIX, in a money laundering case related to the same betting syndicates. Garg has been remanded to ED custody until 24 July by the Special PMLA Court in Raipur.
The ED alleges that proceeds of crime were routed through Foreign Portfolio Investment (FPI) and Foreign Direct Investment (FDI) channels before being deployed to acquire a stake worth nearly ₹1,175 crore in the US-based software company EBIX Inc. The funds were allegedly channelled through Dubai, Mauritius, and the United States.
What Investigators Are Tracing
The ED is now examining whether proceeds allegedly generated through illegal sand mining and betting-related activities were reinvested in real estate or other businesses linked to Chandak. Seized documents, digital evidence, and financial records are being scrutinised to trace the money trail, identify beneficiaries, and determine the full extent of the alleged laundering network.
Officials said further action will follow based on the evidence recovered during the searches. This is the latest in a series of ED actions targeting the Mahadev betting ecosystem, which has drawn enforcement scrutiny across multiple states.
Point of View
Sand mining — being laundered upward through betting platforms and eventually surfacing as foreign investment in listed companies. The EBIX angle is particularly significant; a ₹1,175 crore stake in a US-listed firm, allegedly funded by Bihar sand and Mahadev bets, would represent one of the more audacious laundering architectures in recent Indian enforcement history. What the agency must now prove is the chain of custody for those funds — something that cross-border routing through Dubai and Mauritius is specifically designed to obscure. The arrest of Vikas Garg adds pressure, but convictions in PMLA cases remain slow and contested.
NationPress
19 Jul 2026
Frequently Asked Questions
What did the ED recover in the Ashok Chandak raids?
The ED recovered ₹3 crore in cash, documents relating to more than 50 properties, digital devices, and records of suspicious financial transactions. The searches were conducted across eight premises in Rajasthan, Delhi, and Bihar on 18 July 2025.
What is the illegal mining allegation against Ashok Chandak?
Mahadev Enclave Private Limited, allegedly linked to Chandak, is accused of causing a ₹131 crore loss through illegal sand mining in Bihar. A separate case has also been filed by the Bihar Department of Mines and Geology over these activities.
What is the connection between this case and the Mahadev Betting App?
The ED is investigating Chandak's alleged links to the Mahadev Betting App and Sky Exchange betting network. The agency alleges that proceeds from both illegal mining and betting activities were laundered through foreign investment channels.
Who is Vikas Garg and why was he arrested?
Vikas Garg is the Chairman of EBIX, a US-based software company. He was arrested in a money laundering case linked to the Mahadev and Sky Exchange betting syndicates and has been remanded to ED custody until 24 July by the Special PMLA Court in Raipur.
How were the alleged crime proceeds laundered, according to the ED?
The ED alleges that proceeds of crime were routed through Foreign Portfolio Investment and Foreign Direct Investment channels via Dubai, Mauritius, and the United States, before being used to acquire a stake worth nearly ₹1,175 crore in EBIX Inc.
