Mahadev betting case: ED reportedly investigating EaseMyTrip CEO Nishant Pitti, company denies link

The Enforcement Directorate has also alleged that Pitti’s company made payments to two shell firms—identified as "entry-providing" entities—connected to Sky Exchange.

The Enforcement Directorate (ED) has broadened its investigation into the Mahadev betting app scam, bringing Nishant Pitti, CEO of the listed travel company Easy Trip Planners Ltd (EaseMyTrip), under scrutiny, an Economic Times report said on Tuesday.

Pitti is alleged to have collaborated with a group of individuals who reportedly used illegal betting proceeds to manipulate the stock prices of 25 publicly traded companies, allegedly with the cooperation of company promoters, the ET report added.

However, EaseMyTrip has categorically denied allegations linking Pitti to the betting case.  In an official statement, the company described the claims as “entirely baseless, misleading, and devoid of factual merit.”

"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", stated the company.

“Mr. Pitti has had no involvement, direct or indirect, with any illegal betting operations or entities related to the Mahadev app,” the company asserted, adding that EaseMyTrip maintains the highest standards of corporate governance and complies fully with all applicable laws and regulations.

"To clarify, the two entities independently purchased EaseMyTrip shares through the open market in May 2021. Dividends of around Rs 5 lakhs were paid to them in the normal course in December 2021, as per shareholder rights. There has been no other transaction or association with these entities," it noted.

The company further stated, "This unwarranted speculation undermines the trust of our stakeholders and misrepresents the integrity of our leadership. We urge media outlets and the public to refrain from drawing conclusions based on unverified and unsubstantiated information."

According to documents submitted by the ED to the adjudicating authority (AA) overseeing money laundering cases, four key allegations have been made against Pitti. First, the ED claims he was aware of the activities of Sky Exchange, an unlawful betting platform linked to the Mahadev app network. Second, it alleges that Pitti’s company made payments to two shell firms—identified as "entry-providing" entities—connected to Sky Exchange.

Third, the ED views Rs 7 lakh seized during searches at Pitti’s residence in April as possible proceeds of crime. The agency stated that it cannot rule out the money’s connection to Sky Exchange’s illicit operations.

Fourth, Pitti is accused of being in touch with an operator involved in coordinating with company promoters to manipulate share prices. This scheme allegedly involved gaining access to beneficial ownership (Benpos) data—typically available only to insiders before quarterly disclosures—creating a potential advantage for coordinated stock trading.

In response to queries from The Economic Times, Pitti denied all allegations, saying, “I don’t know this individual, and we haven’t made any payments to these companies since 2017. I’m hearing about them for the first time.” He further added, “With eight earning members in our household and over Rs 1,000 crore declared in IT returns, our declared cash reserves exceed Rs 70 lakh. The Rs 7 lakh seized is part of our declared assets and is negligible in comparison to our overall income.”

Pitti has been named a respondent in the case pending before the adjudicating authority under the Prevention of Money Laundering Act (PMLA), which empowers the ED to retain confiscated assets and evidence during its probe.

The ED's filing claims that digital evidence from the laptop of Prashant Bagri—an associate of a key accused—lists Pitti as an agent for Sky Exchange. The agency also pointed out that Easy Trip Planners Ltd made financial transfers in 2021 to Nischay Trading Private Ltd and Silvertoss Shoppers Pvt Ltd, both identified as entities used for routing illicit funds.

Bagri reportedly told investigators that he regularly communicated with Pitti about Easy Trip’s Benpos data. The ED's investigation indicates that individuals behind the betting scam approached promoters of 25 listed companies and used illegal funds—estimated at Rs 350 crore—for stock price manipulation.

While the ED continues its probe, it is important to note that all allegations remain subject to judicial review and due legal process. The searches conducted in April at premises linked to Pitti and EaseMyTrip are part of the agency’s ongoing inquiry into the Mahadev Book online betting network.