EaseMyTrip Cofounder Charged in Mahadev Betting Case

India's Enforcement Directorate (ED) has filed charges against EaseMyTrip cofounder and chairman Nishant Pitti in a money laundering case linked to the Mahadev online betting app. The agency alleges Pitti facilitated the channeling of illegal betting proceeds into the Indian stock market through Foreign Portfolio Investors (FPIs).

The ED filed its fifth supplementary charge sheet on September 10 in a special court in Raipur. This marks the sixth charge sheet filed by the agency in the broader investigation into the betting app's alleged money laundering activities. The ED has also provisionally attached Pitti's demat shares worth approximately ₹59.6 crore (around $7.2 million), seeking court permission to confiscate them as proceeds of crime.

Nishant Pitti has denied the allegations. In a statement, he indicated no knowledge of any chargesheet or summons, asserting his adherence to high ethical standards and legal compliance in all his dealings. Pitti expressed confidence in the legal process to establish the facts and urged against speculation.

EaseMyTrip stated that it has not received any formal communication regarding legal proceedings against the company or Pitti. The case is part of a wider probe into the Mahadev betting platform, which authorities suspect has been used to launder significant amounts of money. To date, the ED has arrested 14 individuals and attached assets valued at over ₹1,885 crore (approximately $226 million).