Court to decide fate of Rs 59.6 crore demat shares attached by ED

Following the ED’s move to attach demat shares valued at roughly Rs 59.60 crore, the special PMLA court in Raipur will now examine the request for confiscation. The agency has labeled the shares as “proceeds of crime” and asked the judiciary to order their seizure.

The attached assets belong to Nishant Pitti, whose involvement in the Mahadev betting app case is under intense scrutiny. The court’s decision will hinge on whether the prosecution can substantiate the claim that the shares were purchased with laundered betting money.

Legal experts note that provisional attachment is a precautionary step that does not imply guilt, but it does place significant pressure on the accused to prove the legitimacy of the holdings. The outcome could set a precedent for how financial assets linked to alleged betting-related money-laundering are treated in Indian courts.

If the court orders confiscation, the shares will be transferred to the government’s possession, potentially affecting Pitti’s personal net-worth and his stake in related business ventures.