New Delhi/Raipur | September 22, 2026
The Enforcement Directorate (ED) has chargesheeted EaseMyTrip co-founder Nishant Pitti in its money-laundering investigation linked to the Mahadev online betting app, alleging that he facilitated the movement of proceeds from illegal betting into the Indian equity market.
The allegations appear in the ED's fifth supplementary prosecution complaint, filed before a special Prevention of Money Laundering Act (PMLA) court in Raipur on September 10. Including the original complaint, it is the agency's sixth chargesheet in the wider investigation.
Pitti has contested the allegations and said he would respond through the legal process.
ED Attaches Nishant Pitti's Shares Worth ₹59.60 Crore
Alongside filing the prosecution complaint, the ED provisionally attached demat shares belonging to Pitti valued at ₹59.60 crore under the PMLA.
The agency has asked the court to allow the shares to be confiscated, alleging that they constitute "proceeds of crime."
A provisional attachment does not itself establish criminal guilt. The allegations and the ED's case remain subject to judicial proceedings.
What Has the ED Alleged Against Nishant Pitti?
According to officials cited in reports, the ED alleges that Pitti, 40, was associated with Hari Shankar Tibrewal, described by the agency as the Dubai-based operator of betting platform Skyexchange.
The ED claims Pitti helped facilitate the entry of alleged betting proceeds into India's equity market under the guise of foreign portfolio investments (FPIs).
The agency has further alleged that Pitti, acting on behalf of promoters of Easy Trip Planners Ltd, entered into a pre-arranged stock-price manipulation arrangement with an associate of Tibrewal to artificially increase the company's share price and market capitalisation. This remains an allegation by the investigating agency, not a judicial finding.
The ED has also alleged that Pitti knowingly helped Tibrewal layer proceeds generated through Skyexchange.
ED Points to 2022 Cricket Sponsorship
Another part of the ED's case concerns a 2022 cricket series in India.
According to the agency, EaseMyTrip and Skyexchange co-sponsored the series. The ED has cited this as evidence supporting its allegation of an operational connection between the entities.
EaseMyTrip had previously denied any direct or indirect association with the Mahadev betting app or other betting platforms, according to reports.
What Nishant Pitti Has Said
Pitti has pushed back against the allegations and said he had not been informed of the chargesheet or summoned by the court.
He told The Indian Express:
“I have always cooperated with and shall continue to cooperate with all law enforcement bodies.”
He added that he would provide evidence to establish what he described as his bona fide conduct through the procedure prescribed by law.
In a separate statement reported by Moneycontrol, Pitti said:
“I am unaware of any chargesheet or summons from the jurisdictional court.”
Pitti maintained that his transactions and assets were lawful and routed through formal banking channels, and said he would contest allegations to the contrary in court.
His response is significant because the ED's accusations have yet to be adjudicated. A chargesheet represents the investigating agency's case before a court and should not be treated as proof that the accused committed the alleged offences.
42 Individuals and Companies Named in Latest Complaint
The latest prosecution complaint names 42 individuals and companies, according to PTI-based reporting.
Among those named is EBIX Group chairman Vikas Garg, who was arrested by the ED in July and was reported to be in judicial custody.
The ED has said that, across the investigation, it has so far arrested 14 people, attached assets valued at approximately ₹1,885 crore, and named 116 accused across one main and five supplementary prosecution complaints.
What Is the Mahadev Online Betting Case?
The broader investigation concerns what authorities describe as a large-scale illegal online betting operation involving the Mahadev Online Book and related platforms.
According to the ED, Mahadev Online Book operated through multiple websites and domain names using a franchise-style network of "panels" or "branches" in India, while alleged promoters Sourabh Chandrakar and Ravi Uppal operated and controlled the network from Dubai.
The agency says its PMLA investigation originated from multiple FIRs registered by police authorities in Chhattisgarh, Andhra Pradesh and West Bengal concerning alleged illegal online betting operations, including Mahadev Online Book and Skyexchange.
In March 2026, the ED separately announced the provisional attachment of 18 properties in Dubai and two in New Delhi, with a combined fair market value of nearly ₹1,700 crore, as part of the Mahadev investigation.
Why the Latest Chargesheet Matters
The latest development expands the Mahadev investigation beyond the alleged operators of online betting platforms into allegations concerning how suspected proceeds were subsequently moved through financial markets.
In Pitti's case, the central allegation is not that he operated the Mahadev betting app. Rather, the ED alleges that he facilitated the movement and layering of alleged betting proceeds through equity-market transactions and FPIs.
That distinction is important when reporting the case.
The ₹59.60 crore attachment is also provisional, and the ED has sought the special court's permission for confiscation. Pitti has rejected wrongdoing, maintained that his assets and transactions are lawful, and said he will contest contrary allegations before the courts.
The case will therefore now depend on the evidence placed before the special PMLA court and the responses of the accused.
