Archive · 23 Sep 2026
ED Alleges Vikas Garg Met SkyExchange Promoter Over Ebix Funding
The Enforcement Directorate is investigating money linked to an alleged illegal betting network.
It says Vikas Garg met Hari Shankar Tibrewal in London in 2024.
The agency says they discussed money for buying a company called Ebix.
It alleges that Rs 765.77 crore reached companies connected to Garg through firms linked to Tibrewal.
Garg’s company later bought most of Ebix after a US court approved the deal.
The ED says some of the money ultimately came from the Mahadev Online Book betting network.
Garg’s lawyer has said his arrest had no basis or evidence on record.
Tibrewal’s lawyer declined to comment because the case is before the courts.
The Enforcement Directorate alleges former BJP member Vikas Garg met SkyExchange promoter Hari Shankar Tibrewal in London during 2024.
The meetings allegedly concerned funding for Garg’s Eraaya Lifespaces acquisition of the US-based Ebix Group.
The ED alleges that Rs 765.77 crore was routed to four Garg-linked firms through entities controlled by Tibrewal and associates.
Eraaya Lifespaces acquired a 97.58% stake in Ebix Inc. for Rs 1,175 crore after approval by a US insolvency court in August 2024.
The agency’s chargesheet alleges that Mahadev Online Book generated Rs 75,000-Rs 80,000 crore in crime proceeds over seven years.
- Who
- The Enforcement Directorate alleges wrongdoing by Vikas Garg and links the funding to Hari Shankar Tibrewal and the Mahadev Online Book network.
- What
- The ED alleges that Garg met Tibrewal over financing for Eraaya Lifespaces’ acquisition of Ebix and received Rs 765.77 crore through Tibrewal-linked entities.
- When
- The meetings allegedly occurred between March and July 2024; the Ebix acquisition was approved in August 2024.
- Where
- The alleged meetings took place at London’s Taj Hotel; the acquisition involved a US insolvency court.
- Why
- The ED alleges the funding was connected to proceeds from illegal betting and was routed through shell companies and investment channels.
Enforcement Directorate’s allegations
Defense and response
Source and use of Ebix funding
Enforcement Directorate’s allegations
The ED alleges Garg knew Tibrewal was involved in illegal betting and accepted funds from entities controlled by him for the Ebix acquisition. It also alleges shell companies, bogus bank entries, forged agreements and a backdated arrangement.
Defense and response
Garg’s counsel has not provided a response to the report, while his earlier defense lawyer alleged that Garg was arrested without any basis or evidence on record. Tibrewal’s counsel declined to comment, citing the sub judice proceedings.
Nature of the arrangements
Enforcement Directorate’s allegations
The agency alleges that agreements between Garg-linked entities were forged or backdated to establish ownership and transfer control of an Ebix subsidiary.
Defense and response
The reported parties have not publicly accepted these allegations in the supplied material, and the claims remain part of the ED’s prosecution complaint.
- Investigation agency
- Enforcement Directorate
- Alleged meetings
- London’s Taj Hotel, between March and July 2024
- Alleged routed funds
- Rs 765.77 crore
- Ebix stake acquired
- 97.58% of Ebix Inc.
- Reported acquisition cost
- Rs 1,175 crore
- Alleged Mahadev proceeds
- Rs 75,000-Rs 80,000 crore over seven years
- Garg’s political status
- Former Delhi BJP economic-cell member; expelled after his arrest