ED Charges EaseMyTrip Co-Founder in Mahadev Betting Case

Nishant Pitti, EaseMyTrip co-founder, has been chargesheeted by the Enforcement Directorate in the Mahadev online betting app money laundering case. The federal agency also provisionally attached Pitti’s DEMAT shares valued at ₹59.60 crore.

What Happened

The Enforcement Directorate (ED) has filed a chargesheet against Nishant Pitti, co-founder of EaseMyTrip, in connection with the Mahadev online betting app money laundering case, according to CNBC TV18. The charges stem from allegations that Pitti facilitated the entry of illegal betting proceeds into the Indian equity market, disguised as foreign portfolio investments. This chargesheet, the fifth supplementary in the case, was submitted to a special court in Raipur, Chhattisgarh, on September 10.

Concurrently with the chargesheet, the ED issued a provisional order under the Prevention of Money Laundering Act (PMLA) to attach Pitti’s DEMAT shares, valued at ₹59.60 crore. The agency is seeking court approval to confiscate these shares, identifying them as “proceeds of crime” under anti-money laundering legislation, CNBC TV18 reported. Pitti, chairman and managing director at EaseMyTrip, stated he was unaware of any chargesheet and had not been summoned by the court, adding he would cooperate with law enforcement and provide evidence to establish his conduct as bona fide.

Key Details

• The ED’s chargesheet accuses Pitti of “facilitating” the flow of illegal betting proceeds into the equity market via foreign portfolio investments (CNBC TV18).
• Pitti’s DEMAT shares, valued at ₹59.60 crore, were provisionally attached by the ED through a PMLA order (CNBC TV18).
• According to CNBC TV18, the ED alleges that Pitti was a close associate of Hari Shankar Tibrewal and helped channel alleged proceeds of crime into the Indian equity market.
• CNBC TV18 also reported that the ED alleges Pitti entered into a pre-arranged deal with an associate of Tibrewal to manipulate Easy Trip Planners Ltd’s share price and market capitalisation.
• Hari Shankar Tibrewal denies the allegations.
• EaseMyTrip reportedly co-sponsored a cricket series in India in 2022 alongside Skyexchange, which the ED cited as evidence of an operational nexus (CNBC TV18).
• The Mahadev app, promoted by Sourabh Chandrakar and Ravi Uppal, is alleged to have generated proceeds of crime totaling ₹80,000 crore since 2019 (CNBC TV18).
• Separately, the ED stated that Skyexchange, operational since 2016, has generated approximately ₹12,000 crore in proceeds of crime to date (CNBC TV18).
• The chargesheet also named 42 individuals and companies, including EBIX Group Chairman Vikas Garg, who was arrested in July and is currently in judicial custody (CNBC TV18).

Why It Matters

This development underscores continued regulatory scrutiny on online betting platforms and their alleged financial conduits within India’s regulated markets. The naming of a prominent figure such as Nishant Pitti, associated with a publicly traded company, and the attachment of substantial assets, signals a broadening scope of enforcement actions related to money laundering in the context of illegal gambling operations. The allegations of stock price manipulation further highlight concerns regarding market integrity and the potential for illicit funds to distort financial mechanisms.

What’s Next

The Enforcement Directorate has sought the court’s approval to confiscate the attached shares (CNBC TV18). Pitti has stated his intention to contest any insinuations through the courts, asserting his transactions comply with applicable laws and his assets were obtained from lawful sources (CNBC TV18). The investigation against all but three accused in the Mahadev case is reportedly complete, according to the agency (CNBC TV18).

Editorial note — 13 October 2026: This report was updated following a correction request from Hari Shankar Tibrewal. We clarified the attribution of allegations, removed descriptions presented without sufficiently clear attribution, and added his denial.

Editorial note — 14 October 2026: An earlier duplicate report has been consolidated into this article. The correction of 13 October and Hari Shankar Tibrewal’s denial have been retained.