ED files FIR against EaseMyTrip promoter Nishant Pitti in Mahadev betting app case

EaseMyTrip Co-Founder Nishant Pitti. | Photo credit: Special arrangement

The Enforcement Directorate (ED) has charged EaseMyTrip co-founder Nishant Pitti in the money laundering case of online betting app Mahadev, accusing him of actively helping another co-accused in layering the proceeds of crime through stock market manipulation.

According to a chargesheet filed in a special court under the Prevention of Money Laundering Act (PMLA) in Raipur on September 10, 2026, Mr. Pitti on behalf of the promoters of NzVs Easy Trip Planners Limited entered into a pre-arranged share price manipulation agreement with Amardeep Sharma to artificially inflate the share price and easily capitalize on the IWners. The prosecution described Mr. Sharma as an associate of Hari Shankar Tiberwal, a co-accused in the case. Earlier statements by the ED had described Mr Tiberwal as a Dubai-based hawala operator who ran Skyexchange, an illegal betting platform.

According to investigators, following this deal, leading foreign portfolio investor (FPI) Mr. Tiberwal’s IWs AG Dynamic Funds Limited bought shares in Easy Trip Planners Ltd. for these exorbitant valuations. The ED also reportedly attached demat (dematerialized) shares of Mr. Pitti worth ₹59.60 crore through an interim order issued under the PMLA when the chargesheet was filed.

Meanwhile, Mr Pitti said he was unaware of the indictment and claimed all his assets were obtained from legitimate sources of income.

“I am not aware of any charges, nor have I been subpoenaed by a court of jurisdiction. Therefore, I have nothing to say on the matter. I have always cooperated and will continue to cooperate with all law enforcement agencies. I will present detailed evidence to demonstrate that I acted in good faith in accordance with the procedure prescribed by law,” Mr. Pitti said in a written response when asked how he reacted to the latest developments.

He has always “strived to uphold the highest standards of governance and ethics in my professional and personal dealings,” he added.

“All my transactions are in accordance with applicable laws and all my assets have been obtained from legitimate sources of income and through formal banking channels. I will challenge any insinuations to the contrary through the courts and I am confident that I will prevail and justice will be served. I ask everyone to refrain from speculating about legal proceedings,” Mr Pitti said.

Published – 21 Sep 2026 22:59 IST