The Enforcement Directorate (ED) has charged EaseMyTrip co-founder Nishant Pitti with facilitating the entry of proceeds of illegal betting into the Indian equity market under the guise of foreign portfolio investments (FPIs), in the Mahadev online betting app money laundering case.
ED sought the court’s permission to confiscate the shares, describing them as proceeds of crime under the anti-money laundering law. ED arrested Garg in July after conducting searches at his house in Delhi. Following his arrest, the Delhi BJP removed him as convenor of its economic cell and cancelled his primary membership. Garg is currently in judicial custody.
ED also provisionally attached Pitti’s demat shares worth ₹ 59.60 crore under the Prevention of Money Laundering Act (PMLA). The attachment order was issued on September 10 when ED filed its fifth supplementary charge sheet before a special PMLA court in Raipur. ED has arrested 14 people in the case, attached assets worth ₹ 1,885 crore, named 116 accused in its six charge sheets and conducted searches at 190 premises across the country. The money laundering case was registered in October 2022 on the basis of FIRs and charge sheets filed by the Chattisgarh Police.
Skyexchange Investigation Reveals ₹12,000 Crore in Criminal Proceeds
The Enforcement Directorate (ED) has completed its investigation into Skyexchange, which began operations in 2016. The agency estimates that the platform generated approximately ₹12,000 crore in proceeds from criminal activities.
In court, the ED stated that this marks its sixth charge sheet in the ongoing case, which includes one main charge sheet and five supplementary filings. The investigation has concluded for all accused individuals, except for three who remain under scrutiny.
