ED names EaseMyTrip's Nishant Pitti in Mahadev betting app chargesheet; check stock reaction
The central probe agency has provisionally attached Pitti's DEMAT shares worth Rs 59.60 crore under the Prevention of Money Laundering Act while filing its fifth supplementary chargesheet before a special PMLA court in Raipur on September 10.
- Sep 22, 2026,
- Updated Sep 22, 2026 10:42 AM IST
The Enforcement Directorate (ED) has named EaseMyTrip co-founder Nishant Pitti in its latest chargesheet related to the Mahadev online betting app money laundering case. The agency alleged that Pitti facilitated the entry of betting proceeds into the Indian equity market under the guise of foreign portfolio investments.
The central probe agency has provisionally attached Pitti's DEMAT shares worth Rs 59.60 crore under the Prevention of Money Laundering Act while filing its fifth supplementary chargesheet before a special PMLA court in Raipur on September 10. The agency has sought permission to confiscate the shares, describing them as proceeds of crime.
According to the ED, evidence gathered during the investigation showed that Pitti, 40, was a close associate of Dubai-based betting platform Skyexchange owner Hari Shankar Tibrewal. The agency alleged that Pitti was directly involved in facilitating the entry of crime proceeds into India’s equity market through foreign portfolio investments.
The chargesheet further states that on behalf of the promoters of Easy Trip Planners Ltd, Pitti entered into a pre-arranged stock price manipulation arrangement with a Tibrewal associate to artificially increase the company's share price and market capitalisation. The ED also alleged that Pitti knowingly assisted Tibrewal in layering proceeds generated through Skyexchange and acquired, possessed, concealed and used such proceeds.
Pitti, however, said he was unaware of any chargesheet and had not been summoned by the court. He stated that he had always cooperated with law enforcement agencies and would submit evidence to establish his bona fide conduct. "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," he added.
Easy Trip Planners said it had not received any formal intimation of legal proceedings against the company or Pitti.
The ED also named 41 other individuals and entities, including EBIX Group Chairman Vikas Garg. It alleged that Garg and his entities received Rs 765.77 crore from entities controlled by Tibrewal and used the funds to acquire US-based Ebix Inc.
The agency said Skyexchange generated about Rs 12,000 crore in proceeds of crime since beginning operations in 2016, while the Mahadev app is alleged to have generated Rs 80,000 crore since 2019.
The ED said it has arrested 14 people, attached assets worth Rs 1,885 crore, named 116 accused across six chargesheets and searched 190 premises in the case.
Meanwhile, shares of EaseMyTrip (Easy Trip Planners Ltd) were trading 0.34 per cent higher at Rs 5.82 in Tuesday's trade. At this level, the penny stock has corrected 21.03 per cent year-to-date (YTD).
The Enforcement Directorate (ED) has named EaseMyTrip co-founder Nishant Pitti in its latest chargesheet related to the Mahadev online betting app money laundering case. The agency alleged that Pitti facilitated the entry of betting proceeds into the Indian equity market under the guise of foreign portfolio investments.
The central probe agency has provisionally attached Pitti's DEMAT shares worth Rs 59.60 crore under the Prevention of Money Laundering Act while filing its fifth supplementary chargesheet before a special PMLA court in Raipur on September 10. The agency has sought permission to confiscate the shares, describing them as proceeds of crime.
According to the ED, evidence gathered during the investigation showed that Pitti, 40, was a close associate of Dubai-based betting platform Skyexchange owner Hari Shankar Tibrewal. The agency alleged that Pitti was directly involved in facilitating the entry of crime proceeds into India’s equity market through foreign portfolio investments.
The chargesheet further states that on behalf of the promoters of Easy Trip Planners Ltd, Pitti entered into a pre-arranged stock price manipulation arrangement with a Tibrewal associate to artificially increase the company's share price and market capitalisation. The ED also alleged that Pitti knowingly assisted Tibrewal in layering proceeds generated through Skyexchange and acquired, possessed, concealed and used such proceeds.
Pitti, however, said he was unaware of any chargesheet and had not been summoned by the court. He stated that he had always cooperated with law enforcement agencies and would submit evidence to establish his bona fide conduct. "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," he added.
Easy Trip Planners said it had not received any formal intimation of legal proceedings against the company or Pitti.
The ED also named 41 other individuals and entities, including EBIX Group Chairman Vikas Garg. It alleged that Garg and his entities received Rs 765.77 crore from entities controlled by Tibrewal and used the funds to acquire US-based Ebix Inc.
The agency said Skyexchange generated about Rs 12,000 crore in proceeds of crime since beginning operations in 2016, while the Mahadev app is alleged to have generated Rs 80,000 crore since 2019.
The ED said it has arrested 14 people, attached assets worth Rs 1,885 crore, named 116 accused across six chargesheets and searched 190 premises in the case.
Meanwhile, shares of EaseMyTrip (Easy Trip Planners Ltd) were trading 0.34 per cent higher at Rs 5.82 in Tuesday's trade. At this level, the penny stock has corrected 21.03 per cent year-to-date (YTD).