RAIPUR, India | July 10, 2026
Mahadev Online Betting Case has witnessed a major development after the Enforcement Directorate (ED) provisionally attached movable and immovable assets worth ₹940.77 crore as part of its ongoing money laundering investigation into the alleged illegal online betting operations linked to Mahadev Online Book and SkyExchange.
The action was taken by the ED’s Raipur Zonal Office under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, marking one of the agency’s significant asset attachment actions in the case.
Assets Linked to Vikas Garg and Associated Companies
According to the ED, the attached assets are linked to Vikas Garg, his family members, and several companies allegedly owned or controlled by him.
The provisionally attached assets include:
- Residential properties
- Land parcels
- Equity shares
- Financial securities
- Other movable and immovable assets
The agency alleges that these assets were acquired using proceeds generated through the alleged illegal online betting network.
Investigation Based on Multiple FIRs
The ED launched its money laundering investigation based on a First Information Report (FIR) registered at Durg Police Station in Chhattisgarh.
The probe was subsequently expanded after additional FIRs were registered in several states, including:
- Chhattisgarh
- Andhra Pradesh
- West Bengal
The cases involve allegations of:
- Criminal conspiracy
- Cheating
- Forgery
- Illegal online betting operations
- Financial fraud
The investigation is being conducted under the provisions of the Prevention of Money Laundering Act.
ED Alleges International Franchise-Based Betting Network
According to the agency, the investigation revealed that the alleged betting syndicate operated through a franchise-based panel system managed from outside India.
The ED claims that the network facilitated large-scale illegal online betting activities through multiple digital platforms.
Investigators estimate that the alleged syndicate generated more than ₹450 crore every month through unlawful betting operations.
Complex Money Laundering Network Under Investigation
The ED stated that proceeds allegedly generated through Mahadev Online Book and SkyExchange were routed through a complex financial network designed to conceal the origin of the funds.
According to the investigation, the alleged laundering process involved:
- Cash transactions
- Shell companies
- Fake accounting entries
- Layered financial transfers
- Multiple corporate entities
The agency alleges that these methods were used to project the proceeds of crime as legitimate business income.
Funds Allegedly Routed Through Multiple Companies
During the investigation, the ED said it traced approximately ₹940.77 crore in alleged proceeds of crime to companies owned or controlled by Vikas Garg.
According to the agency, the funds were subsequently transferred through various corporate entities before being invested in:
- Equity shares
- Financial securities
- Real estate
- Other assets
Investigators believe these transactions were part of an alleged layering process intended to disguise the source of the funds.
Investigation Continues
The Enforcement Directorate said the provisional attachment forms part of its continuing investigation into the alleged financial transactions linked to the Mahadev Online Book and SkyExchange betting platforms.
The agency is examining financial records, company structures, and transaction trails to identify additional assets and determine the movement of alleged proceeds of crime.
Under the PMLA, provisional attachment of assets is an investigative measure. The attachment is subject to the legal process prescribed under the Act, including review by the appropriate adjudicating authority.
One of the Largest Asset Attachments in the Probe
With assets worth ₹940.77 crore now under provisional attachment, the Mahadev Online Betting Case remains one of India’s largest ongoing investigations into alleged illegal online betting and money laundering.
The ED has stated that its investigation is continuing, and further action will depend on the evidence gathered during the course of the probe.
