EaseMyTrip CEO Nishant Pitti ‘named in Mahadev betting scam probe’ – report
Nishant Pitti, the CEO of travel company EaseMyTrip, is under the spotlight in India’s Enforcement Directorate’s investigation into the Mahadev Betting App scam, according to a report by the Economic Times.
The agency reports that Pitti might have been working with a group of operators who allegedly used money from the illegal betting business to manipulate the stock prices of 25 publicly listed companies.
The report also suggests that this may have happened with the involvement, and possibly the knowledge, of the companies’ own promoters.
#NishantPitti denies ED allegations. @CharuSingh_345
For the latest news and updates, visit https://t.co/by4FF5oyu4 pic.twitter.com/kvpKU91mOr
— NDTV Profit (@NDTVProfitIndia) May 20, 2025
Documents submitted by the Enforcement Directorate to the Adjudicating Authority, the official body that handles money laundering cases, outline four major allegations against Pitti.
As previously reported in April, India’s Central Bureau of Investigation arrested 14 bookmakers across three states in relation to the scam.
What are the Mahadev betting app claims against Nishant Pitti?
India’s Mahadev probe sees 14 arrested for illicit IPL betting. Credit: Grok / X
The ED claims that Pitti was allegedly aware of the operations of Sky Exchange, an illegal betting platform tied to the Mahadev app. The agency reports that Pitti’s company, EaseMyTrip, made payments to two shell companies connected to Sky Exchange.
These are firms that exist mostly on paper and are often used to conceal financial transactions.
During a raid at Pitti’s residence in April, the ED is said to have seized ₹7 lakh ($8,177) in cash, which they believe could be proceeds of crime potentially linked to Sky Exchange’s unlawful activities. The investigation also suggests that Pitti may have been in contact with an operator working alongside company promoters to manipulate stock prices.
The manipulation reportedly involved accessing beneficial shareholding details, known as Benpos, before quarterly disclosures. Since promoters usually get this information ahead of time, it creates what the report describes as an “information arbitrage opportunity” for coordinated trading.
Pitti denies allegationsPitti has subsequently denied the claims. Cited by the Economic Times, he said: “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.
“With eight earning members at home and over ₹1,000 crore in IT returns, our declared cash in hand is more than ₹70 lakh. The ₹ 7 lakh recovered is insignificant compared to our income and is part of our declared cash.”
Pitti is reportedly a respondent in the case being heard by the Adjudicating Authority under the Prevention of Money Laundering Act (PMLA), which allows the ED to retain any assets seized during its investigations.
Mahadev betting scam agentAccording to the ED’s report, data recovered from a laptop belonging to Prashant Bagri, who is linked to the scam, shows Pitti listed as an agent for the illegal betting platform Sky Exchange. The same data also reveals that Pitti’s company, EaseMyTrip, transferred funds in 2021 to two companies believed to be shell entities: Nischay Trading Pvt Ltd and Silvertoss Shoppers Pvt Ltd.
Bagri, said to be an associate of one of the accused, reportedly told investigators that he was in regular contact with Pitti about his company’s Benpos, which are shareholding details that can provide an edge in stock trading.
The ED’s probe suggests that individuals involved in the scam reached out to promoters of 25 publicly listed companies and used illegal betting proceeds to manipulate stock prices, with the suspected total impact estimated at ₹350 crore ($40.9 million).
It is worth noting that while these allegations are serious, they still require judicial validation before any conviction can be made. As part of the ongoing investigation into the Mahadev Book online betting case, the ED conducted searches at locations linked to EaseMyTrip and Pitti’s residence in April.
ReadWrite has reached out to the Enforcement Directorate and Nishant Pitti for comment.
Featured image: Nishant Pitti via LinkedIn / Canva
The post EaseMyTrip CEO Nishant Pitti ‘named in Mahadev betting scam probe’ – report appeared first on ReadWrite.