What Exactly Does the ED Allege About Nishant Pitti's Link to the Mahadev–Skyexchange Betting Network, and What Does It Mean for EaseMyTrip?

PART 1 — The Hook: A Chargesheet Filed Quietly, Made Public 11 Days Later

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On 10 September 2026, the Enforcement Directorate filed a prosecution complaint before a special PMLA court in Raipur, Chhattisgarh. It named 42 individuals and companies, among them EaseMyTrip co-founder Nishant Pitti, and was accompanied by a provisional order attaching his demat shares worth Rs 59.60 crore. The filing became public only on 21 September 2026, through a PTI report citing officials. [1] [2]

1.1 What happened

According to officials quoted by PTI, the ED's complaint names 42 individuals and companies, including Nishant Pitti, 40, described as chairman-cum-managing director of EaseMyTrip. [1] [2] The ED also issued a provisional order attaching Pitti's demat shares worth Rs 59.60 crore and asked the court to confiscate them as alleged "proceeds of crime". [1] [3] [4] These are the ED's allegations; no court has ruled on them.

1.2 Which filing this is

• The ED told the court this is its sixth chargesheet in the case (one main complaint plus five supplementary ones), making the Pitti filing the fifth supplementary complaint. [1] [4]
• The ED said investigation against all accused except three is complete. [1]
• The PMLA case was registered in October 2022, based on multiple police FIRs in Chhattisgarh, Andhra Pradesh and other states over alleged illegal gambling. [1] [5]
• The same complaint names EBIX Group chairman Vikas Garg, whom the ED arrested in July 2026 in the Mahadev probe; he is in judicial custody (as of 21 Sep 2026). [1] [5]

1.3 Status: still developing (as of 25 September 2026)

Pitti says he has not been summoned by the court, and the company says it has received no formal intimation of proceedings. [5] [6] No ED press release on the Pitti action was found on the ED website, and no court cognizance order, Adjudicating Authority order or stock-exchange disclosure on this matter was found as of 25 September 2026. [7] [6]

1.4 The central question

What exactly does the ED allege about Nishant Pitti's link to the Mahadev–Skyexchange betting network, what evidence does it cite, and what does it mean for EaseMyTrip, a listed company where he remains chairman and a significant shareholder?

Takeaway: The ED's fifth supplementary complaint, filed 10 September 2026 in Raipur, names Pitti among 42 accused and provisionally attaches Rs 59.60 crore of his demat shares; Pitti and the company say they have had no formal notice, and the story is still developing. [1] [5] [6]

PART 2 — The Data: The Company, the Stock and the Case in Numbers

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2.1 EaseMyTrip multi-year financials (consolidated)

EaseMyTrip's results turned sharply in the financial year that ended in March 2026. Revenue fell and the company moved from a Rs 108.7 crore profit to a Rs 47.6 crore loss. [8] [9]

2.2 Latest quarter: Q1 FY27 (April–June 2026) vs Q1 FY26

2.3 FY26 peer comparison (same fiscal year; different reporting bases)

Note: MakeMyTrip reports in US dollars under IFRS, and its FY26 profit includes a US$30.6 million accounting gain on convertible notes. [17] The three companies should not be ranked as if their figures were strictly comparable. Yatra's FY26 figures were not found in this research.

2.4 The stock

• IPO (March 2021): Rs 510 crore, entirely an offer-for-sale by Nishant and Rikant Pitti (Rs 255 crore each), price band Rs 186–187. [18] [19]
• Listed on 19 March 2021 at about Rs 206 on BSE (single Tier 3 source). [20]
• On 22 September 2026 the stock traded around Rs 5.82–5.94, down about 21% year-to-date (as of 22 Sep 2026). [3] [6]
• Market capitalisation was Rs 2,562 crore at Rs 6.43 (as of 14 Aug 2026). [13]
• Caution: the IPO price and today's price are not directly comparable, because bonus issues changed the share count and this research did not verify the bonus history. Do not quote a percentage fall from the IPO price.

2.5 The case in numbers (all according to the ED, as reported)

Takeaway: EaseMyTrip swung from a Rs 108.7 crore profit in FY25 to a Rs 47.6 crore loss in FY26 and lost Rs 11.7 crore in Q1 FY27 despite 18.4% revenue growth, while ixigo and MakeMyTrip reported FY26 profits; the Rs 59.60 crore attachment is small relative to a market value of about Rs 2,562 crore. [8] [9] [13] [16] [17]

PART 3 — Origin: Three Brothers, a Travel Desk and No VC Money

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3.1 Founding

• Nishant, Rikant and Prashant Pitti founded EaseMyTrip in 2008, initially as a B2B business serving travel agents. [21] [22]
• The company says it grew out of the brothers' earlier venture, Duke Travel, and moved to a customer-facing model in 2011 (company claim). [23]
• Prashant Pitti has said the business ran as B2B from 2008 to 2011 before pivoting to B2C, and grew without much outside funding. [22]

3.2 The "bootstrapped" claim

Several accounts describe EaseMyTrip as bootstrapped until its IPO, with no external venture capital round. [21] [22] Most of these accounts are company-sourced or promotional, so this is best presented as the company's self-description. It is supported by the structure of the IPO: a pure offer-for-sale in which the two founders held 49.81% and 49.68% beforehand. [18]

Takeaway: EaseMyTrip began in 2008 as a family-run B2B ticketing business, turned consumer-facing in 2011 and reached its IPO with the founders owning almost all of it, so the founders' personal stakes are central to its story. [21] [22] [23] [18]

PART 4 — The Model: "Zero Convenience Fee" and Lean Operations

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4.1 How it worked

• From 2011, EaseMyTrip adopted a no-convenience-fee policy on bookings when rivals charged one. [23] [22]
• Prashant Pitti credited not charging convenience fees in the early years as a key driver of growth. [22]
• The company described itself as the only profitable online travel portal in India (company claim, reported Dec 2024). [24] That claim no longer held in FY26, when EaseMyTrip reported a loss while ixigo and MakeMyTrip reported profits. [9] [16] [17]

4.2 Market share: handle with care

• In January 2024, Nishant Pitti told Reuters that EaseMyTrip was the second-largest online travel booking platform in India with a 22% market share (company claim; metric unclear). [25]
• An IPO-era summary put its FY2019 share at about 3.8% of OTA gross booking revenue (Tier 3, apparently drawn from the RHP). [26] These figures differ widely; see Verification Notes.

Takeaway: The zero-convenience-fee pitch and a lean, profitable image were EaseMyTrip's edge, but the profitability claim reversed in FY26 and available market-share figures vary too widely to quote without the RHP. [22] [24] [9] [25] [26]

PART 5 — Rise and Cracks: IPO, Diversification, Stake Sales, Pledges

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5.1 IPO and expansion

• The March 2021 IPO was entirely an offer-for-sale, so the company itself raised no money from it. [18] [19]
• The company has diversified into hotels and holidays and Dubai operations; hotels and packages made up more than half of Q1 FY27 revenue. [13]
• Dubai gross booking revenue was Rs 461.8 crore in Q1 FY27, up 45.2%. [14]
• In May 2026 the board approved a rights issue of up to Rs 500 crore. [11] [27]
• The original air-ticketing business is shrinking: air revenue fell 14.3% in Q4 FY26 and 4% in Q1 FY27. [9] [13]

5.2 Leadership changes

• January 2025: Nishant Pitti stepped down as CEO; his brother Rikant Pittie became CEO. [28] [27]
• August 2025: Co-founder Prashant Pitti resigned as MD, and Nishant Pitti was named Chairman and MD. [29] [27]
• As of September 2026, Nishant Pitti is described as chairman-cum-managing director. [1] Rikant Pittie as CEO is confirmed only by January 2025 reporting (POSSIBLY OUTDATED). [28]

5.3 Promoter stake sales

• September 2024: Nishant Pitti sold about 24.65 crore shares for about Rs 920 crore. [30] [27]
• December 2024: Another sale followed, but the figures conflict: Inc42 says about Rs 78.3 crore; Business Standard reported about 3.4 crore shares for Rs 53 crore (see Verification Notes). [27] [24]
• Afterwards he said he had sold a small portion for personal reasons and that there would be no further sales from his side. [28]
• His stake fell from 28.13% to 12.8% between the end of FY24 and the end of FY25. [27]

5.4 Pledges (current state, as of 11 Sep 2026)

• On 24 August 2026, Pitti pledged 34.51 crore shares (8.66% of equity), worth Rs 211.9 crore, to Motilal Oswal Financial Services "for personal use". [27] [31]
• After this, 98.89% of his personal holding (44.87 crore shares, 11.26% of company equity) is encumbered; he holds about 11.39% in total. [27] [31]
• Inc42 notes his total pledged holding is unchanged from April 2026, which suggests existing pledges were restructured rather than added to. [27]
• The ED's attachment is a separate enforcement action from the lender pledge. [4]

5.5 A brand built partly on public stands

• In January 2024, EaseMyTrip suspended Maldives flight bookings amid a diplomatic row. [32] Nishant Pitti said app downloads rose 280% the following week (company claim). [33]
• Prashant Pitti later said the bookings stayed suspended for about nine months. [34]

Takeaway: Before the chargesheet surfaced, EaseMyTrip had already moved into losses, its air business was shrinking, and Nishant Pitti had sold shares worth more than Rs 900 crore in 2024 and pledged almost all of his remaining stake by August 2026. [9] [13] [30] [27]

PART 6 — The Case: Mahadev, Skyexchange and What the ED Alleges

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6.1 Mahadev Online Book: background (according to the ED and CBI)

• The ED says Mahadev Online Book was set up by Sourabh Chandrakar and Ravi Uppal of Bhilai, Chhattisgarh. It offers illegal betting on card games and live sports, with funds allegedly moved through hawala channels. [5]
• In its latest complaint the ED says the app is still operating through a large number of panels. [5] [35]
• Scale: The ED now estimates about Rs 75,000–80,000 crore in alleged proceeds of crime. [5] [1] Earlier reporting cited about Rs 6,000 crore. [36] This is a large revision; flag it on screen.
• Promoters: Both face Interpol Red Notices. [1] Chandrakar was held in Dubai in October 2024 [37] and was more recently reported detained in Oman, with India seeking his return; Uppal is claimed to have moved to Vanuatu (as of 9 Jul 2026). [36] His current custody status is unconfirmed as of 25 Sep 2026.
• CBI: The CBI has filed chargesheets in a related corruption case and against 66 accused in the betting-network case (as of 9 Jul 2026). [36]
• Chhattisgarh angle (neutral): The ED has said its probe points to involvement of state politicians and bureaucrats. [38] A former chief minister named by the CBI has called ED references to him a political conspiracy. [35] [39] None of this relates to Pitti.

6.2 Skyexchange and Tibrewal

• The ED describes Hari Shankar Tibrewal as the Dubai-based owner of the allegedly illegal betting platform Skyexchange, investigated within the same Mahadev money-laundering case. It says he controlled foreign entities that invested Skyexchange proceeds in Indian markets. [1]
• In April 2025, an anonymous source told ThePrint that several companies, including EaseMyTrip, were allegedly used to funnel proceeds disguised as foreign portfolio investment. [40]

6.3 What the ED alleges about Pitti (ALLEGATIONS, per media reports of the chargesheet)

1. Close associate: The ED calls Pitti a "close associate" of Tibrewal. [1]
2. FPI routing: The ED alleges he was directly involved in bringing crime proceeds into Indian equities under the guise of FPIs. [1] [41]
3. Share-price arrangement: The ED alleges Pitti, for the promoters, made a pre-arranged price deal with Amardeep Sharma, described as a Tibrewal associate, after which AG Dynamic Funds bought 1,51,50,866 shares worth about Rs 59.60 crore. [5]
4. Section 50 statement: The ED claims Pitti admitted to such arrangements in a statement under Section 50 of the PMLA. He has not publicly confirmed this (SINGLE SOURCE). [5]
5. Knowing layering: The ED says he "knowingly" acquired, concealed and used Skyexchange proceeds. [1]
6. Betting ID: The ED says digital evidence from the laptop of Prashant Bagri, described as a Tibrewal agent, showed an active Skyexchange ID belonging to Pitti. [5] [35]
7. Sponsorship: The ED says Easy Trip Planners co-sponsored the 2022 Road Safety cricket series alongside Skyexchange. ThePrint has sought comment from the organiser. [5]

6.4 Earlier ED actions involving Pitti

• 16 April 2025: The ED searched Pitti's premises during raids at about 55 locations. The company said no incriminating material was found and nothing was seized. [40] [42]
• In a regulatory filing, the company said the ED searched more than 50 locations, one of which was EaseMyTrip premises. [43]
• May 2025: Reports alleged Pitti was part of a network that used betting proceeds to manipulate share prices of 25 listed companies (reportedly). [42]
• The ED has questioned Pitti three times, twice in August 2026. [1]

Takeaway: According to the ED, the Rs 59.60 crore attachment matches the value of the 1.51 crore EaseMyTrip shares it says a Tibrewal-linked FPI bought after an allegedly pre-arranged deal; the rest of the ED's case (a betting ID, a sponsorship link, a Section 50 statement) has not been tested in court. [1] [5]

PART 7 — What Happens Next: How the PMLA Process Works

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7.1 A chargesheet is not a conviction

• A PMLA prosecution complaint is the ED's equivalent of a chargesheet; the special court must first decide whether to take cognizance.
• In May 2026 the Supreme Court held that an accused must be heard before a court takes cognizance of a PMLA complaint, as reported by The Wire (SINGLE SOURCE; verify). [44]
• As of 25 September 2026, Pitti says he has not been summoned, and no cognizance order on this complaint was found. [5]

7.2 Provisional attachment and the 180-day clock

If the attachment order is dated 10 September 2026, the 180-day window would run to about early March 2027. This is an inference; the exact order date is not verified.

7.3 How often PMLA cases end in conviction (official data)

• A Rajya Sabha reply on 4 August 2026 said the ED registered 4,622 PMLA cases in FY22–FY26 (1,080 in FY26), filed prosecution complaints in 2,444 cases as of 30 June 2026, arrested 1,243 people, and secured 43 convictions over the period. [44]
• An earlier reply (30 July 2025) said 15 persons had been convicted out of 5,892 cases since 2015 (as of 30 June 2025). [49] [50]
• The ED's counter-view is a conviction rate of over 94%, counting 50 convictions in 53 cases that reached a verdict. Critics note that measured against all cases, convictions are under 1%. [50]

Takeaway: Nothing has been proved: the court has not taken cognizance against Pitti, the attachment must be confirmed within 180 days, and official data show PMLA prosecutions rarely reach a verdict. [5] [45] [44]

PART 8 — A Two-Sided Picture, and the Conclusion

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8.1 The Company's Side

• Pitti (22 Sep 2026): He says he is not aware of any chargesheet and has not been summoned. He says all his transactions comply with the law, his assets come from lawful income through formal banking channels, and he will submit evidence of his bona fide conduct. [5] [3]
• Company spokesperson (22 Sep 2026): Easy Trip Planners says it has received no formal intimation of proceedings against the company or Pitti. [6]
• May 2025 denial: The company called the allegations baseless and misleading. It said two entities bought shares on the open market in May 2021, received about Rs 5 lakh in dividends, and had no other association with the company. [42]
• Pitti (May 2025): He alleged a deliberate effort to damage his reputation. [51]
• Business positives: Q1 FY27 revenue grew 18.4%; hotel room-nights rose 95.4%; Dubai GBR grew 118% in FY26; a Rs 500 crore rights issue is approved. [14] [13] [8] [11]

8.2 The Criticism

• Legal cloud: The sitting chairman-MD is named in a money-laundering complaint that alleges manipulation of his own company's share price (allegation). [5]
• Disclosure: No exchange filing on the chargesheet was found as of 25 Sep 2026; the company responded through the media. [6]
• Earnings slide: The company went from a Rs 108.7 crore profit in FY25 to a Rs 47.6 crore loss in FY26 and an Rs 11.7 crore loss in Q1 FY27, and its core air revenue is shrinking. [8] [9] [13]
• Promoter conduct: Pitti sold shares worth more than Rs 900 crore in 2024 after IPO, said there would be no further sales, and by August 2026 had pledged 98.89% of his remaining stake. [30] [28] [27]
• Press relations: Medianama says it received an email in November 2025 asking it to remove a report referring to the ED raids; it does not know whether Pitti authorised it. [35]

8.3 The Conclusion: The ED has made a specific, testable allegation, but EaseMyTrip's decline began before the case, and the case itself is unproven

Key findings:

1. The ED filed its fifth supplementary complaint on 10 September 2026 in the Raipur special PMLA court, naming Pitti among 42 accused and provisionally attaching Rs 59.60 crore of his demat shares. [1] [4]
2. The core allegation concerns Skyexchange and Tibrewal, not the Mahadev promoters directly: the ED says AG Dynamic Funds bought 1,51,50,866 EaseMyTrip shares after a pre-arranged price deal. [5]
3. Pitti denies wrongdoing and says he has not been summoned; the company says it has had no formal intimation. [5] [6]
4. EaseMyTrip reported a Rs 47.6 crore loss in FY26 and an Rs 11.7 crore loss in Q1 FY27, while its air business shrank. [9] [13]
5. Pitti has pledged 98.89% of his roughly 11.39% stake (as of 11 Sep 2026). [27]
6. The attachment must be confirmed within 180 days, and courts recorded 43 PMLA convictions across FY22–FY26. [45] [44]
7. The story is still developing: court cognizance, Adjudicating Authority confirmation, any exchange disclosure and the promoters' extradition are all pending. [5] [36]

Takeaway: The sourced record shows a detailed but untested ED allegation layered on top of a company already under financial and governance pressure; a chargesheet and provisional attachment are not findings of guilt. [1] [5] [9] [27]

Verification Notes

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Seven claims to personally double-check before recording

1. Rs 59.60 crore attachment and the 10 Sep 2026 Raipur filing [1] — https://theprint.in/india/ed-chargesheets-easemytrip-promoter-nishant-pitti-in-mahadev-betting-app-case/3048923/
2. AG Dynamic Funds purchase of 1,51,50,866 shares, the Section 50 claim and the betting ID [5] — https://theprint.in/india/co-sponsored-cricket-tournament-rigged-shares-ed-chargesheet-links-easemytrip-skyexchange-promoters/3049432/
3. Pitti's denial statement and 22 Sep stock reaction [3] — https://www.businesstoday.in/markets/stocks/story/ed-names-easemytrips-nishant-pitti-in-mahadev-betting-app-chargesheet-check-stock-reaction-556954-2026-09-22
4. Company spokesperson's "no formal intimation" statement [6] — https://inc42.com/buzz/ed-chargesheets-easemytrip-cofounder-nishant-pitti-in-mahadev-betting-case/
5. Pledge of 98.89% of Pitti's holding [27] — https://inc42.com/buzz/easemytrip-cofounder-nishant-pitti-pledges-shares-worth-%E2%82%B9212-cr-to-motilal-oswal/
6. Q1 FY27 loss of Rs 11.7 crore [13] — https://entrackr.com/fintrackr/easemytrip-posts-rs-135-cr-revenue-and-rs-117-cr-loss-in-q1-fy27-12261569
7. PMLA case and conviction data (Rajya Sabha, 4 Aug 2026) [44] — https://m.thewire.in/article/law/cases-under-pmla-by-enforcement-directorate-rose-to-four-year-high-in-2025-26-parliament-told/amp

Also check the BSE/NSE announcements for Easy Trip Planners (BSE 543272 / NSE EASEMYTRIP) and the ED's official channels for any statement issued after 25 September 2026. [7]

Sources & References — 54 Verified Sources

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Every [n] tag throughout this document is a clickable hyperlink. Ctrl+Click (Windows) or Cmd+Click (Mac) to open.

Main primary sources: MakeMyTrip's FY26 earnings release, the Rajya Sabha reply of 4 August 2026 (via The Wire), EaseMyTrip's own statements and company page, and the ED website check; chargesheet details come from PTI, ThePrint, Business Today, Inc42 and Medianama reporting of the complaint.

Research prepared for Vella Theory — What Exactly Does the ED Allege About Nishant Pitti and EaseMyTrip? · September 2026 · 54 sources · Story-structured format · Every [n] = clickable · A chargesheet and a provisional attachment are allegations, not findings of guilt · Research only — scripting at author's discretion.