13 hrs ago
ED Charges EaseMyTrip Promoter in Mahadev Betting Case
The Enforcement Directorate is investigating money allegedly earned through illegal online betting.
It has charged Nishant Pitti, a co-founder of EaseMyTrip, in the case.
The agency says he helped move some of the alleged betting money into the stock market using foreign investment arrangements.
It also says he took part in a deal that may have increased the value of a company’s shares.
The ED temporarily attached shares linked to Pitti worth ₹59.60 crore.
It wants the court to decide whether those shares should be permanently taken as crime proceeds.
Pitti says he did not know about the chargesheet and denies breaking the law.
He says his money came from legal sources and that he will present evidence in court.
The case also names Vikas Garg and many other people and companies.
The Enforcement Directorate charged EaseMyTrip co-founder Nishant Pitti with allegedly facilitating illegal betting proceeds into India’s equity market through foreign portfolio investments.
The agency provisionally attached Pitti’s DEMAT shares valued at ₹59.60 crore and asked a special court to confiscate them as alleged proceeds of crime.
The ED alleges Pitti had a close association with Skyexchange owner Hari Shankar Tibrewal and participated in a pre-arranged stock-price manipulation deal.
Pitti denied wrongdoing, said he was unaware of the chargesheet, and maintained that his transactions and assets came from lawful sources.
The fifth supplementary chargesheet names 42 individuals and companies; the wider investigation has named 116 accused and involved asset attachments worth ₹1,885 crore.
- Who
- The Enforcement Directorate, EaseMyTrip co-founder Nishant Pitti, Skyexchange owner Hari Shankar Tibrewal, Vikas Garg, and other individuals and companies named in the case.
- What
- The ED filed a supplementary chargesheet alleging that Pitti helped channel Mahadev and Skyexchange betting proceeds into the Indian equity market and participated in stock-price manipulation.
- Where
- Before a special Prevention of Money Laundering Act court in Raipur, Chhattisgarh, involving investments in the Indian equity market.
- When
- The fifth supplementary chargesheet was filed on September 10; the ED searched Pitti in April 2025 and questioned him three times, including twice in August.
- Why
- The ED alleges that proceeds from illegal betting were layered through foreign entities, investments, and stock-market transactions.
Enforcement Directorate’s allegations
Nishant Pitti’s response
Channeling betting proceeds
Enforcement Directorate’s allegations
The ED alleges that Pitti knowingly helped move and layer Skyexchange betting proceeds into the Indian equity market through foreign portfolio investments and acquired, possessed, concealed, or used proceeds of crime.
Nishant Pitti’s response
Pitti says his transactions complied with applicable laws and that his assets came from lawful income through formal banking channels.
Stock-price manipulation
Enforcement Directorate’s allegations
The agency alleges that Pitti, acting for Easy Trip Planners Limited’s promoters, entered a pre-arranged deal with a Tibrewal associate to artificially increase the company’s share price and market capitalisation.
Nishant Pitti’s response
Pitti denies wrongdoing, says he was unaware of the chargesheet, and says he will submit evidence to establish his bona fide conduct.
Company’s position
Enforcement Directorate’s allegations
The ED cites EaseMyTrip’s 2022 co-sponsorship of a cricket series with Skyexchange as evidence of a close operational relationship.
Nishant Pitti’s response
Easy Trip Planners Limited said it had not received formal intimation of legal proceedings against the company or Pitti.
Key facts
- Investigating agency
- Enforcement Directorate
- Chargesheet
- Fifth supplementary chargesheet filed on September 10
- Attached shares
- Pitti’s DEMAT shares valued at ₹59.60 crore
- Alleged Skyexchange proceeds
- About ₹12,000 crore, according to the ED
- Alleged Mahadev app proceeds
- About ₹80,000 crore since 2019, according to the allegation
- Wider investigation
- 116 accused named, 14 arrests, ₹1,885 crore in assets attached, and searches at 190 premises
- Other prominent accused
- Vikas Garg, chairman of EBIX Group
Quotes
Nishant Pitti
EaseMyTrip co-founder and chairman-cum-managing director
“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.”
rediff.com
CNBC TV 18
“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.”
rediff.com
CNBC TV 18
Sources
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