Mahadev Betting Case: ED Chargesheets EaseMyTrip Co-Founder

The Enforcement Directorate (ED) has filed a chargesheet against EaseMyTrip co-founder Nishant Pitti in the Mahadev online betting app money laundering case. The agency has alleged that Pitti helped move money linked to illegal betting activities into the Indian stock market.

According to the ED, the alleged transactions were carried out under the name of foreign portfolio investments. The agency has also provisionally attached demat shares belonging to Pitti worth around Rs 59.60 crore under the Prevention of Money Laundering Act (PMLA). The ED has asked the special PMLA court in Raipur to allow the confiscation of these shares, calling them alleged proceeds of crime.

The charges were included in the fifth supplementary chargesheet filed by the agency. The ED has named 42 individuals and companies in this chargesheet. The investigation is connected to the wider Mahadev betting app case, which has been under investigation for several years.

The agency has alleged that Pitti had links with Dubai-based businessman Hari Shankar Tibrewal, who is associated with the Skyexchange betting platform. The ED has further alleged that money generated through illegal betting was moved into the Indian equity market through foreign entities.

The agency has also referred to a cricket series sponsored by EaseMyTrip and Skyexchange in 2022 while describing what it claims was a business connection between the parties. These are allegations made by the investigating agency and will be subject to legal proceedings.

Pitti, however, has said that he was not aware of any chargesheet against him and claimed that he had not been summoned by the court. He said that he has always cooperated with law enforcement agencies and would provide evidence to establish his position according to the law.

Easy Trip Planners Limited, the parent company of EaseMyTrip, also said that it had not received any formal communication about legal proceedings against the company or Pitti.

The Mahadev betting case involves alleged illegal online betting operations. The ED has said that the investigation has so far resulted in the arrest of 14 people, attachment of assets worth about Rs 1,885 crore and the naming of 116 accused across six chargesheets. The agency has also conducted searches at around 190 locations as part of its investigation.