ED Chargesheets EaseMyTrip Cofounder Nishant Pitti In Mahadev Betting Case: What the Filing Actually Says
Last updated: September 22, 2026
Important note on this story: This article covers criminal allegations that are currently before a court. A chargesheet is a formal accusation, not a conviction, and Nishant Pitti has denied the allegations. We’ve included his response and EaseMyTrip’s statement in full below, and we’ll update this piece as the case develops.
Quick Facts: The Nishant Pitti ED Chargesheet
| Detail | Information |
|---|---|
| Who’s named | Nishant Pitti, EaseMyTrip cofounder and chairman |
| Case | Mahadev online betting app money laundering investigation |
| Filed by | Enforcement Directorate (ED) |
| Court | Special PMLA court, Raipur |
| Filing date | September 10, 2026 |
| Chargesheet number | 5th supplementary prosecution complaint (6th overall in the case) |
| Assets attached | Demat shares worth ₹59.6 crore (provisional attachment) |
| Alleged link | Dubai-based Skyexchange operator Hari Shankar Tibrewal |
| Pitti’s response | Denies awareness of chargesheet; says all transactions and assets are lawful |
| EaseMyTrip’s response | Says it has received no formal communication of proceedings |
What the ED Is Alleging
According to the Enforcement Directorate’s fifth supplementary chargesheet, filed before a special PMLA court in Raipur on September 10, Nishant Pitti has been named as an accused in the broader Mahadev online betting app money laundering investigation. The core allegation: the ED claims Pitti helped route alleged illegal betting proceeds into the Indian stock market by disguising them as foreign portfolio investments (FPIs).
The agency has provisionally attached demat shares belonging to Pitti worth approximately ₹59.6 crore under the Prevention of Money Laundering Act (PMLA) and has asked the court for permission to confiscate them, characterizing the holdings as proceeds of crime.
Per the ED’s filing, the alleged connection runs through Hari Shankar Tibrewal, the Dubai-based operator of betting platform Skyexchange. The agency alleges Pitti was a close associate of Tibrewal and was directly involved in helping move crime proceeds into Indian equities through FPI structures. As supporting context, the ED has also pointed to EaseMyTrip’s 2022 co-sponsorship of a cricket series alongside Skyexchange as evidence of what it characterizes as an operational link between the two.
It’s worth being precise about the legal mechanics here: the ED’s allegation is that Pitti “knowingly acquired, possessed, concealed and used” funds linked to laundered proceeds — the specific conduct that would make someone liable under PMLA, separate from any question of direct involvement in running the betting operation itself.
Nishant Pitti’s Response
Responding to media queries, Pitti said he was not aware of any chargesheet against him and had not been summoned by the jurisdictional court. He stated that he has always tried to maintain high standards of governance and ethics in both his professional and personal conduct, and that all his transactions comply with applicable law, with his assets acquired through lawful income sources and formal banking channels. He added that he intends to contest any allegations in court and expressed confidence the legal process would establish the facts, while cautioning against speculation around ongoing judicial proceedings.
This isn’t the first time Pitti has had to respond to allegations in this case. When the ED searched premises linked to him in April 2025 — questioning him on three separate occasions, including twice in August 2026 — both Pitti and EaseMyTrip issued firm denials of any connection to the Mahadev app, Skyexchange, or any illegal betting activity, calling the claims baseless and misleading at the time.
EaseMyTrip’s Position
Separately, Easy Trip Planners Ltd — EaseMyTrip’s listed parent entity — said it had not received any formal intimation of legal proceedings against either the company or its director, Nishant Pitti. That’s a meaningful distinction worth flagging for investors: the chargesheet, as reported, names Pitti individually, not EaseMyTrip as a corporate entity.
The Bigger Picture: How Large Is the Mahadev Case?
This chargesheet doesn’t exist in isolation — it’s part of a multi-year, multi-agency investigation that has grown substantially in scope. According to the ED, the Mahadev app is alleged to have generated around ₹80,000 crore in proceeds since 2019, while Skyexchange is alleged to have generated roughly ₹12,000 crore since starting operations in 2016.
Across the investigation as a whole, the ED says it has:
- Filed six chargesheets total
- Named 116 accused individuals and entities (42 in this latest filing alone)
- Arrested 14 people
- Attached assets worth approximately ₹1,885 crore
- Conducted searches at around 190 premises
Pitti isn’t the only high-profile name in this particular filing. The ED has also named Ebix Group Chairman Vikas Garg, alleging that Garg and entities linked to him received ₹765.77 crore from Tibrewal-controlled entities and used those funds to acquire US-based Ebix Inc.
What Happens Next
A chargesheet triggers court proceedings — it is not a finding of guilt. The special PMLA court in Raipur will need to take cognizance of the filing, after which Pitti (along with other named individuals) would have the opportunity to respond formally and contest the allegations, including the provisional attachment of his shares. Provisional attachments under PMLA also require confirmation by an adjudicating authority within a statutory timeframe, so the ₹59.6 crore share attachment isn’t automatically final either.
For EaseMyTrip as a listed company, the near-term question for investors is less about the legal merits and more about governance optics — how the company communicates with shareholders if the case against its chairman progresses, and whether it affects board composition or leadership going forward. As of this writing, EaseMyTrip has stated it has received no formal communication regarding proceedings against the company itself.
FAQ: Nishant Pitti ED Chargesheet
Has Nishant Pitti been arrested?
No. Based on available reporting, Pitti has been named in a chargesheet but has not been arrested and says he has not been summoned by the court as of this filing.
What is Nishant Pitti accused of?
The ED has alleged that Pitti helped move alleged illegal betting proceeds connected to Skyexchange into the Indian stock market by disguising them as foreign portfolio investments.
How much money is involved?
The ED has provisionally attached demat shares belonging to Pitti valued at approximately ₹59.6 crore and is seeking court permission to confiscate them.
Has Nishant Pitti responded to the allegations?
Yes. Pitti has said he was unaware of the chargesheet, has not been summoned, and maintains that all his transactions and assets are lawful. He has said he will contest any allegations in court.
Is EaseMyTrip the company under investigation, or just Nishant Pitti?
Based on current reporting, the chargesheet names Pitti individually. EaseMyTrip’s parent company, Easy Trip Planners Ltd, has said it has not received formal communication of any legal proceedings against the company itself.
What is the Mahadev betting app case?
It’s a large-scale ED money laundering investigation into the Mahadev online betting app and associated platforms like Skyexchange, alleged to have generated tens of thousands of crores in illegal proceeds since 2016–2019, with six chargesheets and 116 accused named so far.
Is this the first time Pitti has faced ED scrutiny in this case?
No. The ED searched premises linked to Pitti in April 2025 and questioned him multiple times through 2025 and 2026 before this chargesheet was filed.
Disclaimer: This article discusses ongoing criminal legal proceedings and allegations that have not been proven in a court of law. Under Indian law, an accused person is presumed innocent until proven guilty. This piece is based on chargesheet details and statements reported by Inc42, Business Today, Outlook India, and other news outlets as of September 22, 2026, and reflects allegations made by the Enforcement Directorate, alongside the denials issued by Nishant Pitti and EaseMyTrip. Facts, figures, and case status may change as the matter proceeds through the special PMLA court in Raipur. This article is for general informational purposes only, does not constitute legal or investment advice, and should not be construed as a statement of fact regarding guilt or wrongdoing by any named individual or entity. Readers seeking to act on this information — including any investment decisions related to Easy Trip Planners Ltd — should consult a licensed financial or legal advisor and verify current case status independently. FinanceChecks.com is not affiliated with Nishant Pitti, EaseMyTrip, the Enforcement Directorate, or any other party named in this article.
Shuchi founded Finance Checks after spending 16+ years working in corporate, managing operations and distribution. She managed her own finances, learned and read regularly and helped people make sense of their savings, loans, insurance, and investments.
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