Nishant Pitti, the CEO of travel company EaseMyTrip, is facing serious allegations in connection with the Mahadev Betting App scam. According to The Economic Times, the Enforcement Directorate (ED) is currently investigating his possible involvement in money laundering and stock manipulation linked to illegal online betting through Sky Exchange.
Allegations Against Nishant Pitti
The ED, in documents submitted to the Adjudicating Authority under the Prevention of Money Laundering Act (PMLA), has listed four key allegations against Pitti:
- Knowledge of Sky Exchange Activities
The ED claims Pitti was aware of Sky Exchange’s operations, which are allegedly illegal and connected to the Mahadev app. - Payments to Suspicious Firms
Investigators believe EaseMyTrip transferred money to two shell companies — Nischay Trading Pvt Ltd and Silvertoss Shoppers Pvt Ltd — in 2021. These firms are allegedly linked to Sky Exchange and are thought to be used for hiding illegal funds. - Unexplained Cash at Home
During a raid in April, the ED found ₹7 lakh in cash at Pitti’s residence. Officials suspect this money could be part of the betting scam’s profits. Although they haven’t proven this yet, they haven’t ruled it out either. - Stock Price Manipulation
Pitti allegedly worked with operators who manipulated stock prices of 25 listed companies. They reportedly used Benpos — shareholding data available to promoters before public release — to gain an unfair advantage in trading.
Nishant Pitti Responds to Allegations
In an interview with The Economic Times, Pitti denied all accusations. He stated:
“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 in cash, he explained:
“There are eight earning members in my family. We’ve filed I-T returns of over ₹1,000 crore. Our declared cash holdings exceed ₹70 lakh. The ₹7 lakh found is part of that.”
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Details From the ED’s Probe
The ED recovered data from the laptop of Prashant Bagri, a key figure linked to the scam. The data reportedly names Pitti as an agent for Sky Exchange. Investigators also claim Bagri stayed in regular contact with Pitti and discussed Benpos data related to listed firms.
Furthermore, the ED believes that those involved used around ₹350 crore from illegal betting activities to influence stock prices by collaborating with company promoters.
