ED arrests Ebix chairman Vikas Garg in Mahadev betting app money-laundering probe

📌 Summary:

• The Enforcement Directorate (ED) arrested Ebix Chairman Vikas Garg from his Delhi residence in the Mahadev online betting app money-laundering case; a special court granted 24-hour custody to take him to Raipur (Chhattisgarh) for the PMLA court
• Arrest follows provisional attachment of assets worth Rs 940.77 crore belonging to Garg, family and linked entities — residential property, land, equity shares and securities
• ED alleges proceeds from the illegal betting app were layered through multiple companies to acquire shares/securities; Garg promotes three listed firms — Vikas Ecotech, Vikas Lifecare and Eraaya Lifespaces
• Probe found Garg allegedly acquired a 64% stake in EbixCash via Eraaya Lifespaces using betting-linked funds
• Betting syndicate allegedly ran a franchise-based panel network from abroad, generating over Rs 450 crore/month in proceeds of crime, laundered through shell entities and cash accommodation entries
• Case originates from FIRs by Chhattisgarh Police (Durg) plus others in Andhra Pradesh, West Bengal etc. for criminal conspiracy, cheating and forgery

🎯 UPSC Relevance: GS3 Internal Security — money laundering, shell companies and offshore franchise networks; role of ED and the PMLA framework against online betting/gaming crime.

📝 Prelims Facts:

• ED enforces the Prevention of Money Laundering Act (PMLA), 2002 and FEMA
• 'Proceeds of crime' and provisional attachment of assets are PMLA concepts
• Mahadev Online Book / Skyexchange are the betting platforms under probe

🔑 Key Term: Layering — the money-laundering stage where illicit funds are moved through multiple transactions/entities to disguise their origin.