The Enforcement Directorate has named EaseMyTrip co-founder Nishant Pitti in its latest chargesheet regarding the Mahadev betting app money laundering probe. The agency has provisionally attached Rs 59.60 crore in shares, citing them as proceeds of crime. Pitti has denied the allegations of share price manipulation and laundering, stating he is cooperating with the investigation.
The Enforcement Directorate has formally identified Nishant Pitti, co-founder and managing director of Easy Trip Planners, as an accused in the ongoing money laundering investigation linked to the Mahadev betting app syndicate. The federal agency filed a fifth supplementary chargesheet in a special court in Raipur, outlining allegations of financial irregularities involving the platform.
Allegations of Market Manipulation
The central agency alleges that Pitti played a role in assisting Hari Shankar Tibrewal, a Dubai-based figure identified by investigators as a key mastermind behind the Skyexchange betting network. According to the filing, the agency contends that Pitti facilitated the entry of illegal betting proceeds into the Indian equity market using foreign portfolio investment channels. Investigators have specifically alleged that these activities were designed to artificially influence the share price and market capitalization of EaseMyTrip. The agency also highlighted an operational link, pointing to the company's sponsorship of a cricket series in 2022 that also featured the Skyexchange platform.
Asset Attachment and Response
In connection with the investigation, the Enforcement Directorate has moved to provisionally attach shares worth Rs 59.60 crore held in Pitti's personal Demat account. The agency is seeking formal court approval to confiscate these assets as proceeds of crime. In response to the development, Nishant Pitti has issued a statement denying all allegations of wrongdoing. He stated that he has not received any formal summons and remains committed to cooperating fully with the investigating authorities. The management of Easy Trip Planners also clarified that the company itself has received no official notice or legal communication regarding any proceedings against the organization or its leadership.
Broader Regulatory Context
This filing represents the sixth chargesheet in the wide-ranging Mahadev Online Book probe, which has expanded significantly to include 116 accused parties across 190 search operations. The probe is estimated by authorities to involve proceeds of crime totaling Rs 80,000 crore, focusing on the financial networks connecting offshore betting syndicates to domestic corporate entities. The investigation has also touched upon other corporate figures, including the case of Ebix Group Chairman Vikas Garg, who remains in judicial custody. As the legal proceedings move forward, the primary monitorables for investors will be the outcome of the asset attachment process, any potential court rulings on the chargesheet, and whether the company faces any regulatory action or governance challenges arising from this matter.