Mahadev betting case: ED chargesheets EaseMyTrip co-founder Nishant Pitti; shares worth ₹59.6 crore frozen
The ED has also provisionally attached shares held in Pitti's demat account valued at ₹59.60 crore under the PMLA.
The Enforcement Directorate (ED) has filed charges against EaseMyTrip co-founder Nishant Pitti in the Mahadev online betting case, alleging he aided money laundering by routing proceeds into India's equity market as foreign portfolio investments. The ED has provisionally attached shares in Pitti's demat account worth ₹59.60 crore under the Prevention of Money Laundering Act (PMLA).
Allegations state Pitti acted with Dubai-based businessman Hari Shankar Tibrewal, linked to illegal betting platform Skyexchange, to artificially raise EaseMyTrip's share price through pre-arranged deals. Pitti denies the charges, stating his transactions were lawful and he will contest the allegations in court. The ED also cites EaseMyTrip's sponsorship of a 2022 cricket series by Skyexchange as evidence of their close operational relationship.
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