EaseMyTrip co-founder Nishant Pitti named as accused in Mahadev betting case

The ED alleged that Nishant Pitti helped route Skyexchange betting proceeds into the Indian stock market through FPIs and manipulated Easy Trip Planners' share price.

In Short

• ED alleges Nishant Pitti aided illegal betting proceeds into Indian equity via FPIs
• His shares worth Rs 59.60 crore of Pitti provisionally attached by ED
• 42 individuals, including Vikas Garg, named in ED's fifth supplementary chargesheet

The Enforcement Directorate (ED) has named EaseMyTrip co-founder Nishant Pitti as an accused in the Mahadev online betting app money laundering case, alleging that he facilitated the routing of proceeds from illegal betting into the Indian equity market under the guise of foreign portfolio investments (FPIs).

The allegations were made in the agency's fifth supplementary chargesheet, filed before a special Prevention of Money Laundering Act (PMLA) court in Raipur. The ED has also provisionally attached shares worth Rs 59.60 crore held by Pitti in his Demat account.

The agency has sought the court's approval to confiscate the shares, describing them as proceeds of crime under the anti-money laundering law.

According to officials, the charges against Pitti, 40, chairman-cum-managing director of online travel company EaseMyTrip, are detailed in the supplementary chargesheet, which names 42 individuals and companies.

The ED said evidence gathered during its investigation showed that Pitti was a close associate of Hari Shankar Tibrewal, the Dubai-based owner of illegal betting platform Skyexchange.

According to the agency, Pitti was directly involved in facilitating the entry of proceeds of crime into the Indian equity market under the guise of FPIs.

The chargesheet alleged that Pitti, on behalf of the promoters of Easy Trip Planners Ltd, entered into a pre-arranged stock price manipulation deal with an associate of Tibrewal to artificially inflate the company's share price and market capitalisation.

The ED is understood to have alleged that Pitti knowingly and willingly assisted Tibrewal in layering proceeds of crime generated through Skyexchange, and acquired, possessed, concealed and used those proceeds.

The agency also said EaseMyTrip co-sponsored a cricket series in India in 2022 along with Skyexchange, citing this as evidence of a close operational nexus.

The ED said Tibrewal controlled certain foreign entities and used them to launder proceeds generated through Skyexchange by investing in Indian share markets.

PITTI'S RESPONSE

Nishant Pitti said he was not aware of any chargesheet 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.

Pitti also said he had "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.

The company said Easy Trip Planners Limited, the holding company of EaseMyTrip, had not received any formal intimation of legal proceedings against the company or its director.

The ED had earlier conducted searches against Pitti in April 2025 and questioned him three times, including twice in August.

42 INDIVIDUALS, COMPANIES NAMED IN CHARGESHEET

The fifth supplementary chargesheet names 42 individuals and companies, including EBIX Group Chairman Vikas Garg, 53. The ED arrested Garg in July after searching his Delhi residence. He is currently in judicial custody.

Soon after his arrest, the Delhi BJP removed Garg as convenor of its economic cell and cancelled his primary party membership.

The ED alleged that Garg and entities linked to him received Rs 765.77 crore from certain entities owned or controlled by Tibrewal. The agency said Garg used the funds to acquire US-based Ebix Inc.

The ED is understood to have said that Garg admitted in his statement recorded under the PMLA that he received the amounts from Tibrewal's overseas entities despite knowing that Tibrewal was involved in illegal betting and that the funds were proceeds of crime generated through Skyexchange.

MAHADEV BETTING CASE

The Mahadev app, also known as Mahadev Online Book (MOB), is primarily promoted by Chhattisgarh-based businessmen Sourabh Chandrakar and Ravi Uppal, who are absconding. Interpol has issued Red Notices against both.

The ED has alleged that the Mahadev app generated proceeds of crime worth around Rs 80,000 crore since 2019.

The agency said Skyexchange, which began operations in 2016, generated proceeds of crime worth about Rs 12,000 crore.

The ED told the court that the latest filing was its sixth chargesheet in the case -- one main chargesheet and five supplementary chargesheets -- and that its investigation against all accused except three had been completed.

The other accused named in the chargesheet include panel operators who worked for the Mahadev app.

The ED said it had arrested 14 people, attached assets worth Rs 1,885 crore, named 116 accused across its six chargesheets and conducted searches at 190 premises across the country in the money laundering case.

The PMLA case was registered in October 2022 on the basis of FIRs and chargesheets filed by the Chhattisgarh Police.

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