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Who's Vikas Garg, businessman whose ₹940cr assets face ED action?
22 Jun 2026

The Enforcement Directorate (ED) has provisionally attached assets worth ₹940 crore owned by businessman Vikas Garg.

The action comes after Eraaya Lifespaces, a company owned by Garg, acquired bankrupt software firm Ebix for ₹1,273 crore.

The ED claims that over 75% of the shares acquired by Eraaya Lifespaces in Ebix are proceeds of crime linked to the Mahadev betting app scam.

Garg allegedly used ₹940cr proceeds from Mahadev betting app scam
Allegations

The ED alleges that Garg used ₹940 crore, which it claims are proceeds from the Mahadev betting app scam, to buy Ebix.

The agency claims this money was brought into Eraaya through Foreign Portfolio Investors (FPIs) who participated in a Qualified Institutional Placement (QIP) launched by the company to fund the acquisition.

These private placements for FPIs were conducted in August 2024.

ED's action to directly impact 23,000 retail investors
Impact

The ED's move will directly impact 23,000 retail investors who have invested in Eraaya. The agency has also attached Garg's properties in Delhi, Goa, Nainital and other places.

The action will indirectly affect 13.4 lakh retail investors (7.8 lakh in Vikas Lifecare and 5.6 lakh in Vikas Ecotech) because the Garg family continues to be promoters of these companies despite no action taken against them by the agency.

Garg also embroiled in ₹190cr customs fraud
Previous issues

Garg has been embroiled in several controversies in the past.

In November 2025, the ED raided his premises over an alleged ₹190-crore customs fraud involving illegal import of betel nuts and other items through forged export papers.

On June 20, 2024, SEBI had passed an adjudication order against Garg for violating takeover code disclosures, for which he was fined ₹4 lakh.

Eraaya Lifespaces investors wrote to SEBI alleging serious governance lapses
Investor concerns

On January 16, 2025, key Eraaya Lifespaces investors wrote to SEBI alleging serious governance lapses.

They alleged Garg was asserting control over the company without classifying himself as the promoter.

The investors also claimed that Garg was a politically exposed person (PEP) and did not present himself as the face to acquire Ebix but controlled everything from behind.

They further alleged he was being probed by CBI for links with Green Valley Plywood.