The matter came to light after Ravinder Singh's fellow gamblers began harassing his wife Jasmeet Kaur, prompting her to approach the local police with the help of social activists.
The police have registered a case, while the accused is still at large.
The police said that after having lost his all money at the share markets, the man put up his wife as a stake in IPL betting and lost her too.
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The couple was married about five years ago. But things turned difficult from day one, said the wo man, who is a boutique owner.
On the very first day of marriage, her husband, who was into share trading, asked her to hand over to him her jewellery and other valuables.
Later, she got to know about his vices of drinking and gambling. Over the years, he either sold or lost in gambling all the valuables of their household.
He was also planning to sell the house when this IPL gambling fiasco happened.