Jaipur, July 18 (IANS) The Enforcement Directorate (ED) has recovered Rs 3 crore in cash, documents relating to more than 50 properties, and records of several suspicious financial transactions during searches conducted at premises linked to businessman Ashok Chandak as part of an ongoing money laundering investigation.
The searches, which began at 5 a.m. on Friday and continued until 1 a.m. on Saturday, were carried out simultaneously at eight locations across Rajasthan, Delhi, and Bihar.
The ED searched four premises in Sri Ganganagar, one in Jaipur, and other locations in Delhi, Patna, and Banka (Bihar). Investigators also searched the residence of Chandak’s relatives in Jaipur.
During the operation, officials seized cash, digital devices, financial records, transaction details, and documents related to property holdings and mining activities. The recovered documents are expected to play a key role in the ongoing investigation.
The action has been initiated under the Prevention of Money Laundering Act (PMLA) based on an FIR registered on August 21, 2025.
According to the ED, Mahadev Enclave Private Limited, allegedly linked to Ashok Chandak, is accused of causing a loss of Rs 131 crore through illegal sand mining in Bihar. A separate case has also been registered by the Bihar Department of Mines and Geology over the alleged illegal mining activities.
The investigation is also examining Chandak’s alleged links with the Mahadev Betting App and the Sky Exchange betting network.
The searches follow the recent arrest of Vikas Garg, Chairman of EBIX, in a money laundering case related to the Mahadev and Sky Exchange betting syndicates.
Garg has been remanded to ED custody until July 24 by the Special PMLA Court in Raipur.
The ED alleges that proceeds of crime were routed through Foreign Portfolio Investment (FPI) and Foreign Direct Investment (FDI) channels before being used to acquire a stake worth nearly Rs 1,175 crore in the US-based software company EBIX Inc.
The agency claims the funds were routed through Dubai, Mauritius, and the United States.
The Enforcement Directorate is now examining whether proceeds allegedly generated through illegal sand mining and betting-related activities were invested in real estate or other businesses linked to Chandak.
Officials said the seized documents, digital evidence, and financial records are being scrutinised to trace the money trail, identify beneficiaries, and determine the extent of the alleged money laundering network.
Further action will be taken based on the evidence recovered during the searches.
–IANS
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