ED attaches assets worth ₹930 crore linked to EBIX chairman Vikas Garg In Mahadev Betting App Case, When Will The Master Mind Of This SCAM Hari Shankar Tibrewal Be Arrested?

The Enforcement Directorate (ED) has attached properties and shares worth more than ₹930 crore in connection with its investigation into the Mahadev online betting app network, in a case involving EBIX INC Chairman Vikas Garg.

As part of the latest action, the ED attached shares worth around ₹893 crore of Garg family-owned Eraaya Lifespaces Ltd, of which EBIX Inc is stated to be a subsidiary company. The attachments also include Garg’s residences in Delhi, offices, and properties in Goa, Nainital and other places.

The ED had earlier searched Garg’s premises in 2024. After the searches, he was summoned on multiple occasions and his statements were recorded. According to ED inputs, Garg is a close associate of the Mahadev online betting network’s key figure Hari Shankar Tibrewal.

Role of Hari Shankar Tibrewal in the Mahadev Betting App Scam

Hari Shankar Tibrewal (also referred to as Hari Shankar Tibrewala or Harishankar Tibrewal) is described by the ED as a Dubai-based hawala operator and a major associate/partner in the Mahadev betting syndicate.

Key points from the investigation:

• He allegedly owned and operated Skyexchange.com, an illegal betting platform that functioned as part of the larger Mahadev Online Book (MOB) umbrella network.
• Tibrewal is accused of handling the large-scale hawala movement of betting proceeds out of India.
• He allegedly routed illegal betting funds back into India through Foreign Portfolio Investment (FPI) and Foreign Direct Investment (FDI) routes using Dubai- and Mauritius-based entities. These funds were allegedly invested in the Indian stock market, often with alleged “cashback” arrangements with company promoters.
• ED sources state that Garg had known Tibrewal since 2021 and was aware that Tibrewal was earning huge amounts from illegal betting.
• Tibrewal is also linked to associates Gagan Gupta and Sunil Bhandari, who are connected to Skyexchange.
• He is accused of using betting proceeds to rig and manipulate share prices of several listed companies. The ED has already alerted SEBI to conduct a detailed investigation into this angle.
• During interrogation, one accused (Amit Saraogi) allegedly told the ED that he provided bank accommodation entries against cash to companies linked to Garg on direct instructions.
• A relative of Garg, Vishesh Gupta, allegedly became a shareholder in certain companies on Garg’s instructions, with Garg arranging the funds (alleged benami holding).

In short, while promoters like Saurabh Chandrakar are seen as the face of the Mahadev betting app, Hari Shankar Tibrewal is viewed by investigators as one of the key hawala and layering operators who helped convert illegal betting proceeds into seemingly legitimate investments and stock market plays.

Present Location and Status of Hari Shankar Tibrewal

Hari Shankar Tibrewal, who hails from Kolkata, is currently based in Dubai (UAE).

He is absconding from Indian law enforcement agencies. Multiple ED statements and court documents describe him as a Dubai-based hawala operator. As of June 2026, there is no public record of him being arrested or extradited to India.

In a 2024 defamation case filed by Tibrewal himself in a Delhi court, he described himself as a Dubai-based businessman and noted that the ED had never detained or arrested him in connection with the Mahadev case, even as prosecution complaints were filed.

Why Has Hari Shankar Tibrewal Not Been Arrested Yet?

There are several practical and legal reasons why Hari Shankar Tibrewal remains at large despite the massive attachment of assets linked to the Mahadev syndicate:

1. He is physically located in Dubai (UAE): Indian agencies cannot simply arrest him on foreign soil. Arrest requires either extradition or deportation through formal legal channels.
2. Extradition Process is Slow and Complex: Even with an Interpol Red Corner Notice, extradition from the UAE to India involves diplomatic requests through the Ministry of External Affairs (MEA), review of evidence by UAE authorities, and court proceedings in the UAE. These processes often take years. Similar delays are being seen in the cases of main Mahadev promoters like Saurabh Chandrakar (arrested in Dubai in late 2024, with extradition still pending as of mid-2026).
3. ED’s Current Strategy Focuses on Financial Crippling: In large syndicate cases, the ED has prioritised provisional attachment of assets in India (cumulatively running into thousands of crores across the Mahadev probe). They have conducted extensive searches, arrested several Indian-based associates and aides, and filed multiple prosecution complaints under PMLA. This approach weakens the financial network even if top accused remain abroad.
4. Layered International Structure: The syndicate allegedly used a complex web of foreign entities, FPIs, shell companies, and hawala channels. Building a watertight extradition case with admissible evidence takes significant time and coordination between Indian and UAE authorities.
5. No Physical Presence in India: Since Tibrewal has been operating from Dubai, Indian agencies have not had the opportunity to arrest him during domestic searches (unlike some of his associates who were arrested in India).

The Big Question Remains: While the ED has successfully attached over ₹930 crore in assets linked to Vikas Garg and frozen hundreds of crores more connected to Tibrewal’s network, the alleged key hawala operator and Skyexchange figure continues to remain in Dubai. When (and whether) Hari Shankar Tibrewal will be brought to India to face trial is a question that victims, investors, and observers of the Mahadev betting scam are still waiting to see answered.