A major development has unfolded in the ongoing money laundering probe into the alleged 5000 crore rupee Mahadev online betting ring. The Enforcement Directorate has filed a formal chargesheet naming Nishant Pitti, co-founder of the travel booking portal EaseMyTrip. Investigators allege that proceeds generated from illicit betting operations were channeled into the equity markets using foreign portfolio investments as a front. The document represents the sixth chargesheet presented before a Raipur court in this multi-layered financial probe, officially submitted on September 10.
Attachment of Demat Holdings and Confiscation Plea
Exercising powers under the Prevention of Money Laundering Act, the anti-money laundering agency concurrently moved against assets linked to the corporate executive. Authorities confirmed the provisional attachment of demat shares worth 59.6 crore rupees belonging to Pitti, executing the directive right around the filing of the prosecution complaint. Investigators have also petitioned the judicial authority for formal confiscation of these equity holdings, categorizing them directly as proceeds of crime generated through the illegal betting ecosystem.
Nishant Pitti Responds to Legal Action
Addressing the development, Nishant Pitti stated that he was unaware of any chargesheet being drawn up against him. He maintained that he had received neither prior notification about the filing nor any judicial summons from the concerned court. Expressing readiness to contest the matter legally, Pitti stated, “There is nothing to say on this matter. I have always cooperated with all law enforcement agencies and will continue to do so. I will present evidence to prove my correct conduct in accordance with the process prescribed by law.”
Scale of the Probe: Arrests and Asset Seizures
The wider investigation into the betting racket has seen extensive enforcement action across jurisdictions. Investigative teams have taken 14 individuals into custody so far, tracing and attaching total assets valued at 1885 crore rupees connected to the criminal proceeds. Earlier this year, on March 24, the Raipur zonal office had rolled out a provisional attachment order targeting 20 immovable properties. That batch of seized assets featured 18 properties located in Dubai alongside two prime properties situated in New Delhi.
Mechanics of the Online Betting Network
The core of the case involves a vast web of applications and websites orchestrated to run illegal gambling operations. The Enforcement Directorate has been dissecting how illicit revenue from wagering was systematically laundered into legitimate channels. Findings indicate that before acquiring hard assets or entering capital markets, the syndicate routed illicit money through shell firms, benami bank accounts, and complex layering instruments. Law enforcement sources also point out that elements of the betting syndicate continue to operate in the shadows under changed identities and platforms.
