Enforcement Directorate attaches ₹940cr assets linked to Vikas Garg

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.