New Delhi. The Enforcement Directorate (ED) has filed a chargesheet against EaseMyTrip promoter Nishant Pitti in connection with the money laundering investigation linked to the Mahadev online betting app. The agency has alleged that Pitti played a role in routing proceeds allegedly generated from illegal betting into the stock market and disguising the funds as foreign portfolio investment (FPI). The chargesheet also refers to Hari Shankar Tibrewal in connection with the investigation.
According to the chargesheet, Pitti allegedly entered into a pre-arranged agreement with Amardeep Sharma in relation to transactions involving shares of Easy Trip Planners Ltd, the parent company of EaseMyTrip. The agency alleges that following the arrangement, FPI entity AG Dynamic Funds purchased 1,51,50,866 shares of Easy Trip Planners for approximately ₹59.6 crore.
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The ED has also provisionally attached shares worth around ₹59.6 crore held in Pitti’s demat account. The agency has alleged that the transactions were part of an attempt to route proceeds allegedly generated through betting into the stock market and give them the appearance of legitimate investments.
The ED had conducted searches at premises linked to Pitti in April as part of its money laundering investigation into the Mahadev betting case. At the time, EaseMyTrip had denied any direct or indirect association with the Mahadev betting app or any other betting platform. The chargesheet has now brought Pitti’s alleged financial transactions under further scrutiny as part of the agency’s investigation.
The chargesheet also refers to Pitti’s alleged connection with SkyExchange. According to the ED, Pitti co-sponsored the Road Safety Cricket Series in India in 2022 along with SkyExchange. The agency further claims that Pitti had his own betting ID on the platform. The ED has cited these details as part of its allegations concerning Pitti’s association with the betting platform.
The agency has alleged that the financial transactions under examination involved proceeds allegedly generated through SkyExchange’s betting activities. It has further alleged that Pitti acquired, possessed, concealed and used proceeds of crime. On this basis, the ED has initiated prosecution under the Prevention of Money Laundering Act (PMLA).
According to the ED, SkyExchange, which began operations in 2016, generated proceeds of crime estimated at around ₹12,000 crore through alleged illegal betting activities. Separately, the agency has estimated that the wider Mahadev Online Book network generated proceeds of crime of approximately ₹75,000 crore to ₹80,000 crore since 2019.
The ED has also claimed that the Mahadev Online Book network has not completely stopped operating and that its activities may have continued under different names. Earlier this year, the betting network was reported to have resurfaced during the Indian Premier League under the name ‘Mahaadev’, allegedly offering betting on cricket matches and some assembly elections.
Under the Online Gaming Rules, 2026, online real-money games are prohibited irrespective of whether they involve skill or chance. Despite the regulatory framework, enforcement agencies have continued to investigate alleged betting networks and their financial channels.
In the Mahadev case, Saurabh Chandrakar and Ravi Uppal have been identified as the main promoters of the betting operation. The investigation has also examined alleged links involving several business figures, celebrities and influencers. The ED had summoned actors Ranbir Kapoor, Shraddha Kapoor, Hina Khan and Huma Qureshi in connection with alleged payments for promoting the betting app. Actor Tamannaah Bhatia was also questioned over alleged promotion of a subsidiary associated with the online gambling platform.
The Mahadev investigation has also involved political figures. In April 2025, the Central Bureau of Investigation (CBI) named former Chhattisgarh Chief Minister Bhupesh Baghel as one of the alleged beneficiaries in its FIR related to the betting scam.
The allegations against Pitti and other individuals remain subject to investigation and judicial proceedings. The final determination of criminal liability will depend on the evidence considered by the court and the outcome of the legal process.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
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