Full Breakdown
ED Chargesheet Against EaseMyTrip Co-founder Nishant Pitti in Mahadev Betting App Money-Laundering Probe
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Chargesheet Overview
- On September 10 (occurred) the Enforcement Directorate (ED) filed the sixth supplementary chargesheet in a special Prevention of Money Laundering Act (PMLA) court in Raipur, naming Nishant Pitti, chairman-cum-managing director of EaseMyTrip.
- The ED alleges Pitti facilitated the movement of proceeds from an illegal betting network into the Indian equity market by using foreign portfolio investment (FPI) routes.
- A provisional order attached Pitti’s demat shares valued at Rs 59.60 crore. The filing was reported on September 21 by PTI.
Background of the Mahadev Betting Network
- The Mahadev online betting app—also referred to as the Mahadev Online Book (MOB)—operated through a series of websites and mobile apps and is linked to Dubai-based operator Hari Shankar Tibrewal’s platform “Skyexchange”.
- Authorities allege the network generated Rs 80,000 crore in proceeds of crime since 2019, with Skyexchange alone responsible for about Rs 12,000 crore.
- The investigation, launched in October 2022, has so far named 42 individuals and companies, arrested 14 persons, and attached assets worth Rs 1,885 crore.
Key Figures and Alleged Transactions
- Nishant Pitti – Co-founder of EaseMyTrip; accused of entering a pre-arranged stock-price manipulation deal with an associate of Tibrewal to artificially inflate the share price of Easy Trip Planners Ltd.
- Hari Shankar Tibrewal – Dubai-based hawala operator, owner of Skyexchange; subject of an Interpol Red Notice.
- Vikas Garg – Chairman of EBIX Group; arrested in July 2025. The ED alleges Garg’s entities received Rs 765.77 crore from Tibrewal-controlled overseas firms, which were used to acquire US-based Ebix Inc.
Official Statements & Responses
- The Enforcement Directorate stated that Pitti assisted Tibrewal in layering crime proceeds, knowingly acquiring, possessing, concealing and utilising those proceeds, thereby violating the PMLA.
- EaseMyTrip has denied any direct or indirect association with the Mahadev betting app; a formal company response to the chargesheet is still awaited.
Verbatim Quotes
- “I am not aware of any charge sheet nor have I been summoned by the jurisdictional court. Hence, I have nothing to say on the matter. I have always cooperated with and shall continue to cooperate with all law enforcement bodies. I shall submit detailed evidence to establish my bona fide conduct, in accordance with the procedure prescribed by law,” — Mr. Pitti, chargesheeted easemytrip co-founder
