Mahadev betting case: ED chargesheets EaseMyTrip co-founder Nishant Pitti; frozen shares worth ₹ 59.6 crore | Today’s news
The Enforcement Directorate (ED) filed a charge sheet against him EaseMyTrip co-founder Nishant Pitti in connection with the money laundering case of online betting app Mahadev, claiming that he helped route revenues generated in an illegal manner betting to the Indian stock market by disguising them as foreign portfolio investments.
The federal agency has also temporarily frozen shares held in Pitti’s demat account worth ₹59.60 crore under the Prevention of Money Laundering Act (PMLA). The attachment order was issued when the ED filed its fifth additional charge-sheet before a special PMLA court in Raipur, Chhattisgarh, on September 10.
The agency asked the court to seize the attached shares, calling them “proceeds of crime” under anti-money laundering laws.
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Pitti channeled the betting proceeds into the stock market, the ED alleges
According to a PTI report citing officials, the charges against Pitti, 40, who serves as Chairman-cum-CEO of EaseMyTrip, were outlined in the latest additional charge sheet filed in a special PMLA court.
The ED claimed that evidence gathered during its investigation indicated that Pitti was closely associated with Hari Shankar Tibrewal, a Dubai-based businessman linked to the illegal betting platform Skyexchange.
The agency further alleged that Pitti played a direct role in facilitating the movement of criminal proceeds into Indian stock markets through arrangements presented as foreign portfolio investments.
The indictment alleges that Pitti, acting on behalf of the organizers Easy trip planners Ltd, entered into a pre-arranged agreement with an associate of Tibrewal. ED alleged that the arrangement was intended to artificially inflate the share price and market capitalization of the company.
The agency alleges an arrangement to manipulate stock prices
The ED is believed to have alleged that Pitti knowingly assisted Tibrewal in layering the money generated by Skyexchange’s alleged illegal betting operations.
Pitti said he has “always sought to uphold the highest standards of governance and ethics in my professional and personal dealings”.
“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 suggestion to the contrary through the courts and I am confident that I will prevail and justice will be served,” he said.
According to the agency’s case, Pitti knowingly obtained, possessed, concealed and used the alleged proceeds of crime. The ED said these acts make him liable for prosecution under the provisions of the PMLA.
The agency also cited the co-sponsorship of the 2022 India cricket series by EaseMyTrip and Skyexchange as evidence of what it described as a close operating relationship between the two entities.
The ED is believed to have alleged that Tibrewal exercised control over several foreign companies and used these entities to channel funds generated from Skyexchange into the Indian stock market.
Pitti says he is unaware of the allegations
Following the development, Pitti issued a statement saying he was not aware of any allegation against him and had not been summoned by the court.
“Therefore, I have nothing to comment on the matter. I have always cooperated and will cooperate with all law enforcement agencies. I will present detailed evidence to demonstrate that I acted in good faith, in accordance with the law,” he said.
Easy Trip Planners Limited, the holding company of EaseMyTrip, also said it had not received any formal communication regarding legal proceedings against the company or Pitti.
The company said it had not received any formal information regarding legal action against the firm or its director.
The ED had previously conducted searches linked to Pitti in April 2025. The agency subsequently questioned him on three occasions, including twice in August.
42 individuals and companies listed in the latest charging
The latest accounting lists 42 individuals and companies, including Vikas Garg, chairman of the EBIX Group.
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Garg, 53, was arrested by the ED in July after a search at his residence in Delhi. He is currently in judicial custody.
After his arrest, the Delhi BJP removed Garg from his position as convener of its economic cell and also canceled his primary membership of the party.
The latest action is part of a wider investigation by the ED Mahadev online betting network and the alleged laundering of funds generated by its operations.
Mahadev bet case under the lens
The Mahadev app, also referred to as Mahadev Online Book (MOB), was primarily promoted by Chhattisgarh-based businessmen Sourabh Chandrakar and Ravi Uppal, who are on the run, according to investigations.
The ED alleged that the betting network generated proceeds of crime estimated at approx ₹80,000 crore as of 2019.
Both Chandrakar and Uppal are subject to Interpol Red Notices.
