EaseMyTrip co-founder Nishant Pitti.
| Photo Credit: Special arrangement
The Directorate of Enforcement (ED) has chargesheeted EaseMyTrip co-founder Nishant Pitti in the Mahadev online betting app money laundering case, accusing him of actively assisting another co-accused in layering the proceeds of crime through stock market manipulations.
According to the charge sheet filed in a special Prevention of Money Laundering Act (PMLA) court in Raipur on September 10, 2026, Mr. Pitti, on behalf of the promoters of NzVs Easy Trip Planners Limited, entered into a pre-arranged stock price manipulation deal with Amardeep Sharma to artificially inflate the share price and market capitalisation of IWs Easy Trip Planners Limited. The charge sheet described Mr. Sharma as an associate of Hari Shankar Tiberwal, a co-accused in the case. Earlier statements by the ED have described Mr. Tiberwal as a hawala operator based in Dubai who was operating Skyexchange, an illegal betting platform.
Subsequent to this deal, Mr. Tiberwal’s front foreign portfolio investor (FPI) entity, IWs AG Dynamic Funds Limited, purchased shares of Easy Trip Planners Ltd. at those inflated valuations, according to investigators. The ED is also said to have attached Mr. Pitti’s demat (dematerialised) shares, worth ₹59.60 crore, through a provisional order issued under the PMLA when filing the charge sheet.
Meanwhile, Mr. Pitti has said that he was not aware of the filing of the charge sheet, and maintained that all his assets had been obtained through lawful sources of income.
“I am not aware of any charge sheet nor have I been summoned by the jurisdictional court. Hence, I have nothing to say on the matter. I have always cooperated with and shall continue to cooperate with all law enforcement bodies. I shall submit detailed evidence to establish my bona fide conduct, in accordance with the procedure prescribed by law,” Mr. Pitti said in a written response to a question on his reaction to the latest development.
He always “strived to uphold the highest standards of governance and ethics in my professional and personal dealings”, he added.
“All my transactions comply with applicable laws, and all my assets have been obtained from lawful sources of income and through formal banking channels. I shall contest any insinuation to the contrary through the courts, and am confident that I will prevail and justice will be served. I request everyone to refrain from speculating on judicial proceedings,” Mr. Pitti said.
Published – September 21, 2026 10:59 pm IST
