ED files chargesheet against EaseMyTrip promoter Nishant Pitti in Mahadev betting case

Mumbai: The Enforcement Directorate has named EaseMyTrip co-founder Nishant Pitti in a supplementary chargesheet in the Mahadev online betting money-laundering case, while provisionally attaching demat shares valued at Rs 59.60 crore.The complaint was filed on September 10 before a special Prevention of Money Laundering Act court in Raipur, as reported by The Indian Express. Reports of the action emerged on September 21. The filing is described as the fifth supplementary complaint and sixth chargesheet overall in the wider investigation.What ED Has Alleged?According to the agency’s allegations, Pitti was a close associate of Dubai-based businessman, whom investigators have described as a hawala operator and the operator of illegal betting platform Skyexchange.ED alleged that Pitti, acting for Easy Trip Planners promoters, entered into a pre-arranged arrangement with Amardeep Sharma to manipulate the company’s share price and market capitalisation.The agency claimed AG Dynamic Funds Limited, described as a front foreign portfolio investor linked to dubai based businessman, subsequently purchased shares at inflated valuations. ED alleges this structure enabled betting proceeds to be layered into India’s equity market while appearing as overseas portfolio investment. EaseMyTrip Promoter Nishant Pitti Pledges 18.94 Crore Shares To MOFSLInvestigators have also referred to EaseMyTrip’s co-sponsorship of a cricket series with Skyexchange in 2022 as evidence of an alleged operational connection.Shares Worth Rs 59.60 Crore AttachedAlongside the prosecution complaint, ED provisionally attached Pitti’s demat shares worth Rs 59.60 crore and asked the court to confiscate them as alleged proceeds of crime.The attachment is distinct from shares previously pledged by Pitti to lenders, including a pledge to Motilal Oswal in August 2026. A lender pledge is a financing arrangement, whereas a PMLA attachment is an enforcement action subject to statutory adjudication and judicial scrutiny.Pitti Rejects WrongdoingEasy Trip Planners said neither the company nor Pitti had received any formal intimation about legal proceedings.Pitti said he was unaware of any chargesheet and had not been summoned by the jurisdictional court. He maintained that he had cooperated, and would continue cooperating, with law-enforcement agencies. EaseMyTrip Denies Founder Nishant Pitti’s Link To Mahadev Betting Case, Calls Allegations BaselessHe said he would present evidence establishing his bonafide conduct under the prescribed legal process. Pitti added that his transactions complied with applicable laws and that his assets arose from lawful income routed through formal banking channels.He said he would contest contrary insinuations in court and requested that people avoid speculation concerning proceedings.Wider Betting InvestigationThe money-laundering investigation, initiated in October 2022 on the basis of Chhattisgarh Police FIRs, concerns the Mahadev Online Book network and associated platforms, including Skyexchange.Promoters Sourabh Chandrakar and Ravi Uppal remain absconding and face Interpol Red Notices. The latest complaint reportedly names 42 individuals and entities.All claims against Pitti remain allegations contained in a prosecution complaint. The attachment is provisional, and no conviction has been reported.

EaseMyTrip co-founder Nishant Pitti faces charges in a money laundering case. The Enforcement Directorate alleges he facilitated illegal betting proceeds into the equity market. Pitti's DEMAT shares worth Rs 59.60 crore were provisionally attached by the agency. The chargesheet also names EBIX Group chairman Vikas Garg and others. The Mahadev app is alleged to have generated Rs 80,000 crore in crime proceeds.