EaseMyTrip denies allegations linking founder to Mahadev Betting scandal
Travel platform refutes claims of founder Nishant Pitti's involvement in stock manipulation tied to illegal betting operations.
ADVERTISEMENT
EaseMyTrip has denied allegations implicating its founder and chairman, Nishant Pitti, in the Mahadev betting app case. The travel booking platform, according to a PTI report, labeled the claims as "entirely baseless, misleading, and devoid of factual merit."
This response follows Enforcement Directorate (ED) searches at Pitti's premises in April 2025, part of a broader probe into the Mahadev online betting app-linked money laundering case, which involved raids across 55 locations in multiple cities including Delhi, Mumbai, and Chennai.
"We categorically and unequivocally deny the allegations reported in connection with our Founder and Chairman, Nishant Pitti, concerning the so-called Mahadev app betting case. These claims are entirely baseless, misleading, and devoid of factual merit," EaseMyTrip said in a statement.
Pitti is reportedly accused of colluding with operators who allegedly used proceeds from illegal betting activities to manipulate stock prices of 25 listed companies. EaseMyTrip refuted these allegations, clarifying that two entities independently purchased shares through the open market in May 2021 and received dividends as per shareholder rights, with no further transactions or associations.
"Dividends of around Rs 5 lakh 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," the company added.
ED, in its latest submission to the Adjudicating Authority (AA) overseeing money laundering cases under the Prevention of Money Laundering Act (PMLA), has levelled serious allegations against Pitti. The submission forms part of an ongoing investigation into the Mahadev online betting application.
According to the ED, Pitti is allegedly linked to the operations of Sky Exchange, an illegal betting platform associated with the Mahadev app. The agency has outlined four key allegations implicating Pitti and his company. ED asserts that Pitti was aware of Sky Exchange's activities, which are central to the illegal betting network under scrutiny.
Reportedly, Pitti's firm allegedly made payments to two shell entities—Nischay Trading Private Ltd. and Silvertoss Shoppers Pvt. Ltd.—which the ED has identified as "entry-providing" companies linked to Sky Exchange.
During searches conducted in April, ₹7 lakh in cash was recovered from Pitti's residence. The ED maintains that these funds could be potential proceeds of crime and may be linked to the betting platform's operations.
The ED also alleges that Pitti maintained contact with an operator involved in manipulating stock prices of listed companies by using privileged access to beneficial shareholding positions (Benpos). The manipulation allegedly involved an information arbitrage stemming from the difference in access to Benpos by promoters versus the public, which only sees such data quarterly.
Read more: No direct, indirect association with Mahadev Betting App: EaseMyTrip issues statement amid ED raids
The ED’s application includes digital evidence from the laptop of Prashant Bagri, an associate of an accused in the case. The data reportedly lists Pitti as an agent of Sky Exchange. Additionally, the ED claims that EaseMyTrip made financial remittances in 2021 to the aforementioned shell companies, suggesting the firm was involved in laundering proceeds from the illegal betting operations.
The ED estimates that the scam involved the manipulation of stock prices of 25 listed entities using illegal proceeds totaling ₹350 crore. However, the agency clarified that the allegations are subject to judicial review and validation.
In an earlier statement, EaseMyTrip emphasized its commitment to ethical business practices and transparency. The company stated, "While EaseMyTrip has no direct or indirect association with the Mahadev Betting App or any other betting platform, we remain fully committed to cooperating with the authorities throughout the course of the investigation."
