Mahadev Betting App Promoter Sourabh Chandrakar Extradited To India, When Is ED Going To Arrest Ankiti Bose And Bring Her To India?
Ankiti Bose Paid 944000 USD To EBIXCASH, EBIXCASH Was Acquired By Vikas Garg, Vikas Garg Is In ED Custody Due To Mahadev Betting App Scam. No One Knows Why Ankiti Bose Paid To EBIXCASH
A reported US$944,000 Zilingo–EbixCash vendor transaction in 2021, followed by ED allegations of ₹765.77 crore in betting-linked funding for the 2024 Ebix acquisition, presents two distinct financial trails that deserve a rigorous forensic examination. The records identify Ankiti Bose as Zilingo’s former CEO and a Terra-Invest co-founder
The extradition of Sourabh Chandrakar from Oman to India on November 1, 2026, has reopened one of the most significant financial-crime investigations involving India’s online betting ecosystem. The return of a principal alleged promoter of the Mahadev Online Book syndicate is an important development for the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED).
But the investigation must go considerably beyond the arrest of one individual.
It must examine the alleged financial infrastructure, the overseas intermediaries, the companies through which money was routed, the acquisition transactions that came under scrutiny and the ultimate beneficiaries of the alleged proceeds of crime.
One particular corporate development deserves closer examination: the ED’s allegations that funds originating from the SkyExchange betting network were routed through overseas entities and were used in financing the acquisition of the Ebix group through Eraaya Lifespaces.
That acquisition brings the investigation into contact with the historical corporate record of EbixCash, an Indian subsidiary of Ebix, and a separate vendor transaction reported by Inc42 between Zilingo and EbixCash in 2021.
Zilingo was co-founded by Ankiti Bose, who served as its CEO.
The two transactions are not presently proven to be connected financially. But the overlap in the corporate history raises legitimate questions about documentation, transaction verification, beneficial ownership and the need for a complete examination of the relevant financial records.
The Zilingo–EbixCash transaction: A reported US$944,000 payment
Inc42’s investigative report on Zilingo’s financial collapse documented a series of transactions involving vendors and service providers.
Among them was a reported transaction involving EbixCash.
According to Inc42, Zilingo made payments of approximately US$944,000 to EbixCash between August and September 2021.
The publication reported that the proposed work involved development of a parallel IT system, despite Zilingo having its own technology and product team.
Inc42 further reported that the contract was signed in September 2021, while the accompanying documentation was allegedly backdated to April 2021. The same investigation separately stated that approximately US$630,000 was actually paid to EbixCash.
The difference between the reported transaction figure and the amount described as actually paid needs reconciliation through original contracts, invoices, bank statements and accounting ledgers.
Inc42 attributed approval of the transaction to Ankiti Bose, who was then the company’s CEO. The report relied on information from former employees and other sources familiar with the internal investigation.
This is a reported corporate transaction and an allegation concerning approval procedures. It is not proof that the money was illegally obtained or that the transaction was part of a betting operation.
The central corporate-governance question is straightforward:
What services were delivered against the payment, who authorised them, and can the company produce the documentary evidence establishing that the expenditure was commercially justified?
A company paying a vendor approximately US$944,000 should be able to demonstrate the commercial purpose of the arrangement, the contractual obligations, the work delivered and the identity of the ultimate beneficiary.
These are basic standards of financial accountability, not optional administrative formalities.
The position of Ankiti Bose and the Zilingo controversy
Bose was suspended from her position at Zilingo on March 31, 2022, pending an internal investigation, and her employment was terminated on May 20, 2022.
The controversy involved allegations concerning financial irregularities, vendor payments, accounting practices and company management.
Inc42 subsequently published an extensive investigation describing allegations from sources associated with Zilingo. These included questions about vendor payments, reported discrepancies in financial information shared with investors and other accounting decisions.
Bose disputed the allegations. Her position, as reported by Inc42, was that she had not committed wrongdoing and that allegations against her were based on incomplete or one-sided information. She also disputed the fairness and transparency of the investigation and maintained that she had not been given adequate access to the Kroll investigation report.
The Delhi High Court’s order dated August 24, 2026, in Ankiti Uday Bose v. Nitin Naresh & Ors., also records her position that she disputes the allegations forming the basis of her termination and that no judicial finding of guilt had been made against her.
Consequently, the allegations surrounding Zilingo must not be represented as established financial fraud.
But the absence of a judicial finding does not make documentary questions about historical commercial transactions irrelevant. Those questions can be investigated through contracts, accounting records, board approvals and audited financial statements.
The Ebix acquisition: The much bigger financial investigation
The subsequent acquisition of Ebix in 2024 brought the corporate group into a separate and much more serious investigation.
Ebix, which had entered Chapter 11 insolvency proceedings in the United States, was acquired through arrangements involving Eraaya Lifespaces and Vikas Garg-associated entities.
The acquisition was approved through the US insolvency process.
The ED subsequently alleged that the acquisition financing was supported by money originating from illegal betting operations.
According to the sixth ED prosecution complaint, Vikas Garg-linked entities received approximately ₹765.77 crore through overseas investment structures.
The ED identified several overseas entities in its allegations, including AG Dynamic Funds Ltd., Forbes EMF, Coeus Global Opportunities Fund, Oyster Bay Fund Ltd. and Plutus Opportunities Fund Ltd.
According to the agency, the funds were routed through Elara Capital PLC and subsequently used in financing the acquisition of Ebix through Eraaya Lifespaces.
The ED further alleged that Vikas Garg knew of Tibrewal’s alleged involvement in illegal betting operations.
These are serious allegations contained in the agency’s prosecution complaint. They have not, merely by being filed, become final judicial findings.
The ED also alleged that additional money was received through questionable banking entries involving other companies.
The investigation is therefore not merely about the acquisition price of a company. It concerns the alleged source of the money used to finance that acquisition.
London’s Taj Hotel: The meetings that investigators say preceded the acquisition
ThePrint reported on September 23, 2026, that the ED’s prosecution complaint described a series of meetings in London involving Vikas Garg & Robin Raina.
According to the report, meetings took place at London’s Taj Hotel between March and July 2024.
The reported participants included Garg, then Ebix Group managing director Robin Raina and associates of the individuals involved.
The ED alleged that these meetings concerned the financing arrangements for the acquisition of Ebix.
The agency further alleged that an understanding was reached through which approximately ₹765.77 crore was routed to Garg-linked companies through overseas entities associated with Tibrewal.
The significance of these allegations cannot be understated.
A meeting involving an identified betting-network intermediary and persons involved in financing a major corporate acquisition is precisely the kind of interaction that requires close scrutiny of communications, agreements, financial records and transaction dates.
The investigation must establish what was discussed, what was agreed, what money was transferred and who knew about its alleged source.
A corporate acquisition is not insulated from money-laundering scrutiny simply because it takes place through an international insolvency process.
Terra-Invest and the public corporate records concerning Bose and Krishan Rattan
There is another independently verifiable corporate relationship in the broader background.
Terra-Invest identifies Ankiti Bose and Krishan Rattan as its founding partners.
UK Companies House records for Terra Vision Investments LLC identify both as persons exercising significant control, with each holding more than 25 per cent of the shares and voting rights.
The filing records Bose’s correspondence address at Emaar Beachfront in Dubai and Rattan’s correspondence address in Singapore.
These filings establish a corporate relationship and declared correspondence details. Companies House itself cautions that the accuracy of submitted information is not independently verified by the registry.
They do not establish any involvement in the Mahadev betting operation.
Neither a Dubai address nor an association with London establishes a criminal relationship with people operating from those locations.
The relevant investigative question, should any substantive evidence emerge, would be whether any actual financial transaction, shared beneficial ownership, agreement, communication or business dealing connected these entities with persons identified in the Mahadev investigation.
Without that evidence, geographical similarities are not a substitute for a financial trail.
Dinesh Khambat and the separate London investigation
The London dimension also appears in a separate Mahadev-related Mumbai Police investigation.
The Indian Express reported that a 25-page FIR registered on November 7, 2023, concerned allegations involving the Khiladi betting platform, described in the complaint as connected with the Mahadev network.
The complainant alleged that Sourabh Chandrakar operated through Dinesh Khambat from London in relation to alleged cricket match-fixing.
The FIR also contained allegations concerning hawala channels, cryptocurrency transfers and other individuals.
These allegations were made in the complaint and recorded in the FIR. They should not be converted into findings of guilt.
More importantly, no independently verified public record reviewed for this report establishes a connection between Dinesh Khambat and Krishan Rattan or Ankiti Bose.
The mere fact that different individuals have professional or residential connections with London does not prove that they belong to the same business or criminal network.
The investigative questions that cannot be left unanswered
The public deserves clear answers to several questions arising from the separate corporate and financial developments.
- What was the actual contractual scope of the Zilingo–EbixCash transaction reported in 2021?
- What was the final amount paid, and how does the approximately US$944,000 reported transaction value reconcile with the approximately US$630,000 described as actually paid?
- Were the proposed parallel IT services delivered, and where are the technical acceptance reports, invoices, project records and payment approvals?
- What happened to the money after it reached EbixCash? Can its subsequent movement be established through audited accounts and banking records?
- Which overseas entities allegedly supplied the ₹765.77 crore identified by the ED in the later Ebix acquisition investigation?
- What were the precise roles of Elara Capital, AG Dynamic Funds, Forbes EMF and the other identified entities?
- What was discussed during the London meetings described in the ED prosecution complaint?
- Did any financial or beneficial-ownership relationship connect the 2021 Zilingo–EbixCash transaction with the 2024 Eraaya acquisition financing?
- Do the original records establish any actual business, financial or communications relationship between Bose or Terra-Invest and any person identified in the Mahadev investigation?
- Have investigating agencies independently reconciled all the relevant transaction records rather than relying on corporate descriptions or intermediary statements?
These questions can be answered only by documentary examination. Speculation cannot substitute for bank statements, contracts, SWIFT records, accounting ledgers, board minutes, audit reports and beneficial-ownership information.
Chandrakar’s extradition must not become another symbolic enforcement victory
The return of Sourabh Chandrakar is an important breakthrough.
The CBI has described the alleged operation as an extensive illegal online betting syndicate. It has stated that the proceeds were allegedly channelled through numerous mule bank accounts, layered through multiple transactions and transferred abroad through hawala channels. The agency has also alleged that some of the proceeds were used to pay protection money to public servants.
The larger investigation now requires an equally serious effort to trace the beneficiaries and reconstruct the financial architecture.
The ED and CBI must not restrict their attention to the immediate betting operators. They must examine every transaction and intermediary where credible evidence establishes a connection with the alleged proceeds of crime.
At the same time, no innocent commercial counterparty should be branded a money-laundering participant merely because a corporate group or subsidiary appears at different points in two separate historical transactions.
The standard must be the same for everyone: documentary evidence, independent verification and proof of knowledge and participation where criminal liability is alleged.
The bottom line: Two transactions, one corporate group and a demand for documentary accountability
The reported Zilingo–EbixCash transaction of 2021 and the ED’s allegations concerning the 2024 Ebix acquisition are two distinct matters.
One involves a historical vendor arrangement involving a company co-founded by Ankiti Bose.
The other involves an ED investigation alleging that betting-linked money was used to finance the Ebix acquisition through Vikas Garg-linked entities.
Both deserve documentary scrutiny.
But the public record presently does not establish that the money from Zilingo’s 2021 payment became part of the Mahadev proceeds allegedly used in the 2024 acquisition. Nor does it establish that Ankiti Bose participated in the financing arrangement, dealt with Chandrakar or Uppal, or was involved in the Mahadev betting network.
A serious investigation must be willing to ask uncomfortable questions. It must also be willing to distinguish evidence from insinuation.
The purpose of investigative journalism is not to manufacture a connection because two entities appear in the same corporate history. It is to establish whether a connection exists, identify the actual transaction and expose the people responsible where evidence supports wrongdoing.
The ED must follow the money. The CBI must follow the evidence. And the public deserves answers that can withstand scrutiny in a court of law.
LEGAL DISCLAIMER
This report is based on published investigative reporting, public corporate records, agency statements and allegations contained in publicly reported investigative proceedings.
The allegations concerning Sourabh Chandrakar, Ravi Uppal, Vikas Garg and other persons remain subject to adjudication. An FIR, arrest, chargesheet, prosecution complaint or provisional attachment does not constitute a conviction.
The reported Zilingo–EbixCash payment is a historical corporate transaction. Allegations about its approval, documentation and commercial justification must not be treated as established criminal wrongdoing.
Ankiti Bose has disputed allegations concerning her tenure at Zilingo. No judicial finding of guilt against her has been identified in the materials reviewed for this report. Equally, no publicly verified evidence reviewed establishes her participation in the Mahadev betting syndicate or the later Ebix acquisition-financing arrangement.
The article does not allege that Bose, Krishan Rattan, Robin Raina or any other corporate person is guilty of an offence merely because of a corporate association or geographical overlap.
All persons are entitled to due process, a fair hearing and the presumption of innocence unless and until guilt is established by a competent court.
