ED charges EaseMyTrip co-founder Pitti in Mahadev betting app case
ED alleged that Nishant Pitti facilitated the entry of proceeds of illegal betting into the Indian equity market under the guise of foreign portfolio investments
The Enforcement Directorate (ED) has charged EaseMyTrip co-founder Nishant Pitti in connection with a betting app money laundering case. Pitti, 40, is accused of facilitating the entry of proceeds from illegal betting into the Indian equity market through foreign portfolio investments (FPIs). The ED also provisionally attached shares worth ₹59.60 crore belonging to Pitti under the Prevention of Money Laundering Act (PMLA).
The charges were part of the fifth supplementary charge sheet filed before a special PMLA court in Raipur. The charge sheet names 42 individuals and companies, including EBIX Group chairman Vikas Garg, who is currently in judicial custody. The Mahadev Online Book (MOB) betting app, allegedly operated by Chhattisgarh-based businessmen Sourabh Chandrakar and Ravi Uppal, is said to have generated ₹80,000 crore in proceeds of crime since 2019.
Pitti is accused of directly involving himself in manipulating the company's stock price and artificially inflating its market capitalization. The ED alleges that Pitti knowingly assisted in layering proceeds of crime generated through Skyexchange, a betting platform, and acquired, possessed, concealed, and used such proceeds. EaseMyTrip had previously denied any association with the Mahadev betting app or other betting platforms.
The money laundering case was registered in October 2022 based on FIRs and charge sheets filed by the Chattisgarh Police.
Written by urgent.news from Hindustan Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
