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India Today
3 days ago
- Business
- India Today
Mahadev betting app case: Companies owned by Vikas Garg under ED scanner
The Directorate of Enforcement (ED), investigating the Mahadev Betting app money laundering case, uncovered earlier this year how the mastermind of the betting network, Harishankar Tibrewal through Foreign Portfolio Investment (FPI) had invested in several listed Small and Medium Enterprises (SME) purpose of doing so was to manipulate stocks, artificially inflate the stock prices of SME companies in which FPI investments were made. Once the share prices rose, they were dumped and Tibrewal and his accomplices would double or sometimes triple their per sources, the acquisition of Nasdaq-listed Ebix Incorpotated, last year, by an Indian firm, Eraaya Lifespaces, which is promoted by one Vikas Garg, is now under the radar of the anti-money laundering agency. The suspicion by the agency is regarding the funds raised for the acquisition of Ebix Inc. by Eraaya Lifespaces. Ebix Inc. was acquired by Eraaya Lifespaces last year through funds raised from multiple channels and officials, as per sources, also flagged the meteoric rise in the share prices of Eraaya Lifespaces and asked Bombay Stock Exchange officials to investigate it. The suspicion is over the funds raised and later used for the are multiple such SME listed and unlisted companies, promoted and run by Vikas premises were also searched when multiple other companies and linked properties were searched on April 16 by ED of Garg's promoted companies which are under investigation are Vikas Lifecare Limited, Vikas Ecotech Limited, Advika Finvest, Advika Capital Limited and investigations revealed that Tibrewal had, through FPI, made investments in multiple firms owned by then, Garg has been issued multiple summons by ED officials to join investigations in the case. Earlier Garg's companies were under investigation by the Income Tax Investigation Wing, GST and few other other companies under investigation in the case have also been asked to join investigations, which include firms like Ease My Trip, IITL, JTL Industries, Gensol and others. The Securities and Exchange Board of India (SEBI) also has been informed by ED officials regarding manipulation of shares and artificial inflation of proximity to Tibrewal is also being probed by agency officialhttps:// Acquisition attempts for a club in the United Arab Emirates (UAE) were also under the other companies where Tibrewal had invested through FPI, the promoters of many of those companies, are known to Garg has so far carried out around 170 raids across the country and several companies, persons and entities in the Mahadev Betting app case and assets worth over rupees 3000 crores in property, cash and movable properties have been attached, including demat accounts and share holdings.- EndsTune InMust Watch
Business Recorder
21-05-2025
- Business
- Business Recorder
July-April repatriation of profits, dividends rises 108pc YoY
KARACHI: The repatriation of profits and dividends from foreign investments in Pakistan posted a notable 108 percent increase during the first ten months of the current fiscal year (FY25), reflecting improving economic conditions and investor confidence. According to the State Bank of Pakistan (SBP), foreign investors repatriated some $1.841 billion during July-April of FY25, compared to $883 million in the same period of FY24, showing a significant rise of $958 million. Most of the repatriation was made from the Foreign Direct Investment (FDI). Repatriation of profits and dividends on FDI rose by 117 percent to $1.752 billion in July-April FY25 as against $807 million in the corresponding period last year. Repatriation of profit from Foreign Portfolio Investment (FPI) surged by 18 percent to $89 million during the first ten months of FY25, compared to $75.4 million in the same period of FY24. Analysts attributed the surge to improvements in Pakistan's external accounts, which have enabled foreign businesses operating in the country to repatriate their profits and dividends more freely, without regulatory restrictions. The increase in outflows also reflects a gradual economic recovery, as foreign companies' earnings continue to improve. Last year, the federal government imposed some restrictions on profit repatriation to manage external liabilities and preserve foreign exchange reserves. However, as the restrictions have been removed, the repatriation of profit and dividend is rising. During April 2025, the repatriation of profits and dividends in Pakistan increased by 115 percent YoY. On a month-on-month basis, foreign firms transferred $121 million abroad in April 2025 including $113 million from FDI earnings, while $18.4 million as FPI returns. Copyright Business Recorder, 2025
