Nishant Pitti, co-founder of EaseMyTrip, is now under investigation by the Enforcement Directorate for money laundering in the online betting app Mahadev. Another chargesheet was issued against Pitti on Tuesday by the federal agency for bringing funds linked to illegal betting into the Indian stock market through foreign portfolio investments.
The Enforcement Directorate has filed its fifth supplementary chargesheet in a special Prevention of Money Laundering Act (PMLA) court in Raipur on September 10, 2026. Besides naming Pitti in the case, the agency has provisionally attached dematerialised shares belonging to him valued at around ₹59.60 crore. The ED has asked the court to confiscate the attached shares as alleged proceeds of crime under the anti-money laundering law.
According to the ED’s claims, Pitti facilitated a deal in the equity market as part of a bigger deal with the Mahadev betting network. A pre-arranged deal was made with Amardeep Sharma, who is described in the chargesheet as an associate of Hari Shankar Tibrewal, investigators said. The agency claimed the deal was done in order to artificially increase the price and market capitalisation of Easy Trip Planners Ltd., the company behind EaseMyTrip.
The ED has also claimed that after the alleged deal, an overseas foreign portfolio investor entity connected to Tibrewal purchased shares of Easy Trip Planners at the allegedly inflated prices. The agency is investigating whether these transactions were used to layer or channel funds associated with betting activities into the formal financial system.
The latest development is part of a bigger investigation into the Mahadev online betting network, which has been under investigation by Indian investigators for illegal betting and money laundering. The Enforcement Directorate has been investigating the financial trail connected to the network, including the movement and investment of betting proceeds.
Pitti’s name had already appeared in the ED investigation before the latest chargesheet. The agency conducted searches linked to him in April 2025 and subsequently questioned him on several occasions, according to the report. Now the new chargesheet puts allegations against him formally within the PMLA proceedings.
Pitti, however, has denied wrongdoing and said he was not aware he was under the chargesheet. The Indian Express reported he had not been summoned by the jurisdictional court and said he has always cooperated with law enforcement agencies. He also said his transactions were legal and were made from proper sources and through formal banking channels.
Pitti has said he would also present evidence to establish his position through the legal process. His response is important because the ED's allegations are still in the midst of a police investigation and court proceedings. Being named in a chargesheet does not by itself prove guilt, and the allegations will be reviewed by the courts.
The attachment of shares worth ₹59.60 crore is another important aspect of the case. Under PMLA, the ED can provisionally attach assets that it believes are connected to proceeds of crime, subject to statutory proceedings and further adjudication. In this case, the agency has asked the special PMLA court to allow confiscation of the attached shares.
The development may also get attention from the corporate and financial sector as Pitti is associated with EaseMyTrip, one of India's largest online travel-booking portals. The allegations stem from financial transactions involving the company’s shares and not the company’s regular travel-booking operations.
The Mahadev case has involved many people and organisations during the investigation. The new supplementary chargesheet names 42 people and firms to underscore the ED's wide scope. The agency is also still assessing the alleged financial network around betting platforms and the movement of funds associated with them.
For now, the legal matter determines how Pitti’s allegations will play out. The ED has presented its case through the chargesheet, while Pitti has rejected any suggestion of unlawful conduct and said he will contest the allegations through the appropriate legal channels.
The latest action therefore represents another significant development in the long-running Mahadev betting money laundering investigation. The ED wants to confiscate the attached shares and Pitti is not accepting that; further action will be conducted in the special PMLA court to decide what will be the next step.
