The Enforcement Directorate (ED) has chargesheeted EaseMyTrip cofounder and chairman Nishant Pitti in an online betting money laundering case involving the Mahadev app. The ED filed its fifth supplementary prosecution complaint before a special PMLA court in Raipur on September 10. This marks the sixth chargesheet in the broader investigation. The agency has also provisionally attached demat shares worth ₹59.6 crore belonging to Pitti under the Prevention of Money Laundering Act (PMLA), seeking court approval to confiscate them as alleged proceeds of crime, according to inc42.com.
The ED accuses Pitti of facilitating the entry of alleged illegal betting proceeds into the Indian stock market through foreign portfolio investors (FPIs). The chargesheet is part of a wider probe into money laundering linked to the Mahadev betting app. Pitti responded to inc42.com stating he was unaware of any chargesheet and had not been summoned by the court. He maintained that all his transactions comply with applicable laws and that his assets were acquired through lawful sources and formal banking channels. He said he will contest the allegations in court and submit evidence to prove his bona fide conduct.
The case highlights ongoing regulatory scrutiny of online betting platforms and their financial flows into the stock market. The ED's action against a prominent startup cofounder underscores the increasing enforcement focus on money laundering risks in digital and financial sectors. The provisional attachment of shares worth ₹59.6 crore is significant, reflecting the scale of alleged illicit proceeds involved. This investigation follows multiple chargesheets and signals intensified efforts to clamp down on illegal betting and related financial crimes in India.
The special PMLA court in Raipur is now considering the ED's request to confiscate the attached shares. The agency filed the latest prosecution complaint on September 10, marking the sixth chargesheet in this case. Nishant Pitti’s legal response and the court’s rulings on the share confiscation will be closely watched as the case progresses.