Nishant Pitti, CEO of travel company EaseMyTrip, is currently under investigation by the Enforcement Directorate (ED) in connection with the Mahadev Betting App scam, according to a report by the Economic Times. The probe centers around allegations that Pitti had knowledge of and was involved in illegal betting activities linked to the Sky Exchange platform, which is connected to the Mahadev app.
Allegations Against Nishant Pitti
The ED has submitted documents to the Adjudicating Authority overseeing money laundering cases, outlining four key allegations against Pitti:
- Pitti was allegedly aware of the illegal operations of Sky Exchange, a betting platform linked to the Mahadev app.
- EaseMyTrip allegedly made payments to two shell companies — Nischay Trading Pvt Ltd and Silvertoss Shoppers Pvt Ltd — which are reportedly connected to Sky Exchange. Shell companies typically exist only on paper and are used to conceal the movement of illicit funds.
- During an ED raid in April, ₹7 lakh in cash was seized from Pitti’s residence. The agency suspects that this amount could be proceeds from illegal activities tied to the betting app.
- Pitti is accused of maintaining communication with an operator involved with promoters of 25 publicly traded companies, manipulating their stock prices using privileged shareholding information (Benpos) obtained prior to quarterly disclosures. This manipulation allegedly involved illegal funds totaling approximately ₹350 crore.
EaseMyTrip’s Response
EaseMyTrip swiftly responded, strongly denying all allegations against Nishant Pitti. The company released a statement saying, “We categorically and unequivocally deny the allegations reported in connection with our Founder and Chairman, Mr. Nishant Pitti, concerning the so-called Mahadev app betting case. These claims are entirely baseless, misleading, and devoid of factual merit.”
The company emphasized that Pitti has had no involvement, direct or indirect, with any illegal betting operations. It reaffirmed its commitment to high standards of corporate governance and cooperation with authorities. EaseMyTrip also clarified that the two shell companies had independently purchased shares in the company through the open market and had received dividends as per shareholder rights, with no other financial dealings.
Nishant Pitti’s Statement
When approached for comments, Nishant Pitti denied the allegations, stating, “I don’t know this person, and we haven’t made any payments to these companies since 2017. I’ve never even heard of these names before.”
Regarding the ₹7 lakh cash seized during the raid, Pitti explained, “There are eight earning members in my family. We’ve filed income tax returns of over ₹1,000 crore, and our declared cash holdings are more than ₹70 lakh. The ₹7 lakh that was found is part of that declared amount.”
Current Status of Investigation
Nishant Pitti is now a respondent in a case before the Adjudicating Authority under the Prevention of Money Laundering Act (PMLA). The ED has the authority to seize and hold assets during the ongoing investigation.
According to the probe, data recovered from the laptop of Prashant Bagri, an accused linked to the scam, lists Pitti as an agent for Sky Exchange. Bagri reportedly told investigators that he maintained regular contact with Pitti regarding his firm’s Benpos information, which played a role in stock price manipulation.
While the ED’s investigation suggests Pitti’s involvement, these allegations have yet to be proven in a court of law and remain subject to judicial validation.
Sources By Agencies
