The Enforcement Directorate (ED) has filed a chargesheet against EaseMyTrip co-founder Nishant Pitti in connection with the Mahadev online betting app money laundering case, alleging that he helped route proceeds generated through illegal the Indian equity market by disguising them as foreign portfolio investments.
The federal agency has also provisionally attached shares held in Pitti’s demat account valued at ₹59.60 crore under the Prevention of Money Laundering Act (PMLA). The attachment order was issued when the ED filed its fifth supplementary chargesheet before a special PMLA court in Raipur, Chhattisgarh, on September 10.
The agency has asked the court to confiscate the attached shares, describing them as “proceeds of crime” under the anti-money laundering legislation.
According to a PTI report citing officials, the allegations against Pitti, 40, who serves as chairman-cum-managing director of EaseMyTrip, have been outlined in the latest supplementary chargesheet submitted before the special PMLA court.
The ED has alleged that evidence collected during its investigation indicates that Pitti was closely associated with Hari Shankar Tibrewal, a Dubai-based businessman linked to the illegal betting platform Skyexchange.
The agency has further alleged that Pitti played a direct role in facilitating the movement of proceeds of crime into India’s equity markets through arrangements presented as foreign portfolio investments.
The chargesheet reportedly states that Pitti, acting on behalf of the promoters of Easy Trip Planners Ltd, entered into a pre-arranged arrangement with an associate of Tibrewal. The ED has alleged that the arrangement was intended to artificially raise the share price and market capitalisation of the company.
The ED is understood to have alleged that Pitti knowingly assisted Tibrewal in layering money generated through Skyexchange’s alleged illegal betting operations.
Pitti said he has “always strived to uphold the highest standards of governance and ethics in my professional and personal dealings”.
“All my transactions comply with the applicable laws, and all my assets have been obtained from lawful sources of income and through formal banking channels. I shall contest any insinuation 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 acquired, possessed, concealed and used the alleged proceeds of crime. The ED has said these actions make him liable for prosecution under provisions of the PMLA.
The agency has also cited the co-sponsorship of a cricket series in India in 2022 by EaseMyTrip and Skyexchange as evidence of what it described as a close operational relationship between the two entities.
The ED is understood 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.
Following the development, Pitti issued a statement saying that he was not aware of any chargesheet filed against him and had not been summoned by the court.
“Hence, I have nothing to say on the matter. I have always cooperated with and shall continue to cooperate with all the law enforcement bodies. I shall submit detailed evidence to establish my bona fide conduct, in accordance with the procedure prescribed by law,” he said.
Easy Trip Planners Limited, the holding company of EaseMyTrip, also said that it had not received any formal communication regarding legal proceedings against the company or Pitti.
The company said it had not received any formal intimation concerning legal action against the firm or its director.
The ED had earlier conducted searches linked to Pitti in April 2025. The agency subsequently questioned him on three occasions, including twice in August.
The latest chargesheet names 42 individuals and companies, including Vikas Garg, chairman of EBIX Group.
Garg, 53, was arrested by the ED in July following a search at his residence in Delhi. He is currently in judicial custody.
Following his arrest, the Delhi BJP removed Garg from his position as convenor of its economic cell and also cancelled his primary membership of the party.
The latest action forms part of the ED’s wider investigation into the network and the alleged laundering of funds generated through its operations.
The Mahadev app, also referred to as the Mahadev Online Book (MOB), has been primarily promoted by Chhattisgarh-based businessmen Sourabh Chandrakar and Ravi Uppal, who are absconding, according to the investigation.
The ED has alleged that the betting network generated proceeds of crime estimated at around ₹80,000 crore since 2019.
Both Chandrakar and Uppal are subject to Interpol Red Notices.
