Archive · 22 Sep 2026
ED Chargesheets EaseMyTrip Co-Founder Nishant Pitti in Mahadev Case
The Enforcement Directorate has accused Nishant Pitti, a co-founder of EaseMyTrip, in a large money-laundering investigation.
The agency says money from illegal online betting may have been moved into India’s stock market.
It alleges that foreign investment arrangements were used to make the money appear legitimate.
The ED also says Pitti helped arrange a deal that could have increased Easy Trip Planners’ share price.
It temporarily attached shares connected to Pitti worth ₹59.60 crore.
The agency wants the court to decide whether those shares should be permanently taken.
Pitti says his transactions were legal and his money came from lawful sources.
Easy Trip Planners says it has not received formal notice of the proceedings.
No conviction against Pitti has been reported, and the allegations will be considered through the legal process.
The Enforcement Directorate chargesheeted EaseMyTrip co-founder Nishant Pitti in the Mahadev online betting money-laundering case.
The agency alleges Pitti helped route Skyexchange betting proceeds into India’s equity market through arrangements presented as foreign portfolio investments.
The ED provisionally attached Pitti’s demat shares worth ₹59.60 crore and asked the court to confiscate them as alleged proceeds of crime.
Investigators allege Pitti entered a pre-arranged deal with a Hari Shankar Tibrewal associate to inflate Easy Trip Planners’ share price and market capitalisation.
Pitti denies wrongdoing, while Easy Trip Planners says it received no formal notice; its shares rose 0.34% to ₹5.82 but remained down 21.03% year-to-date.
- Who
- The Enforcement Directorate, EaseMyTrip co-founder Nishant Pitti, Skyexchange-linked businessman Hari Shankar Tibrewal, and other individuals and companies named in the chargesheet.
- What
- The ED filed a supplementary chargesheet alleging that Pitti helped move betting proceeds into India’s equity market and participated in an alleged stock-price manipulation arrangement.
- When
- The chargesheet and provisional attachment were filed on September 10; the ED searched premises linked to Pitti in April 2025 and questioned him three times, including twice in August.
- Where
- Before a special Prevention of Money Laundering Act court in Raipur, Chhattisgarh, involving investments in India’s equity market.
- Why
- The ED alleges that proceeds from illegal betting were layered through foreign entities, foreign portfolio investments, and stock-market transactions.
Enforcement Directorate’s allegations
Pitti and company’s response
Channeling betting proceeds
Enforcement Directorate’s allegations
The ED alleges that Pitti knowingly helped move and layer Skyexchange proceeds into India’s equity market through foreign portfolio investment arrangements.
Pitti and company’s response
Pitti says his transactions complied with applicable laws and that his assets came from lawful income routed through formal banking channels.
Stock-price manipulation
Enforcement Directorate’s allegations
The agency alleges that Pitti, acting for Easy Trip Planners’ promoters, entered a pre-arranged deal with a Tibrewal associate to artificially increase the company’s share price and market capitalisation.
Pitti and company’s response
Pitti denies wrongdoing, says he was unaware of the chargesheet and had not been summoned, and plans to submit evidence supporting his bona fide conduct.
Relationship with Skyexchange
Enforcement Directorate’s allegations
The ED cited EaseMyTrip’s co-sponsorship of a 2022 cricket series with Skyexchange as evidence of an operational connection.
Pitti and company’s response
Easy Trip Planners said neither the company nor Pitti had received formal intimation of legal proceedings.
- Investigating agency
- Enforcement Directorate
- Legal filing
- Fifth supplementary chargesheet and sixth chargesheet overall in the case
- Attached shares
- Pitti’s demat shares valued at ₹59.60 crore
- Alleged Skyexchange proceeds
- About ₹12,000 crore since operations began in 2016, according to the ED
- Alleged Mahadev Online Book proceeds
- About ₹80,000 crore since 2019, according to the allegations
- Wider investigation
- Fourteen arrests, ₹1,885 crore in assets attached, 116 accused named, and searches at 190 premises
- Stock reaction
- Easy Trip Planners shares rose 0.34% to ₹5.82 and were down 21.03% year-to-date
Sources
ED charges EaseMyTrip co-founder Pitti in Mahadev online betting app case
ED names EaseMyTrip's Nishant Pitti in Mahadev betting app chargesheet; check stock reaction
EaseMyTrip Promoter Faces ED Chargesheet, Shares Worth ₹59.60 Crore Provisionally Attached
Mahadev betting case: ED chargesheets EaseMyTrip co-founder Nishant Pitti; shares worth ₹59.6 crore frozen
