Enforcement Directorate attaches ₹940cr assets linked to Vikas Garg
Big move from the Enforcement Directorate: it has attached ₹940 crore worth of assets linked to businessman Vikas Garg, including more than 75% held by Eraaya Lifespaces in Ebix.
These shares were picked up during Eraaya's takeover of Ebix in 2024 for ₹1,273 crore.
The ED says the money came from the massive Mahadev betting app scam, allegedly using illegal funds.
Garg properties frozen, investors at risk
Garg's properties in Delhi, Goa, and Nainital are now part of the freeze.
This could hit 23,000 retail investors tied to Eraaya and over 12 lakh retail investors tied to Vikas Lifecare and Vikas Ecotech.
The Garg family owns a 42.7% stake in Eraaya, but since the Ebix deal, both stock prices and revenues have dropped sharply.
He is also facing accusations around securities violations and customs fraud.
These private placements for FPIs were done in August 2024.