ED probes EaseMyTrip CEO in Mahadev app betting scam
The Enforcement Directorate (ED) has extended its investigation into the
Mahadev betting app scam
to Nishant Pitti, CEO of publicly traded travel booking firm
Easy Trip Planners Ltd
(EaseMyTrip).
Pitti stands accused of colluding with a network of operators who allegedly used proceeds from the illegal betting operation to manipulate stock prices of 25 listed companies, purportedly in connivance with their promoters.
In its submission to the adjudicating authority (AA), which oversees
money laundering
investigations, the ED has made four key allegations against Pitti. Firstly, it claims Pitti was aware of the operations of Sky Exchange, an illegal betting platform linked to the Mahadev app. Secondly, the ED alleges Pitti's firm made payments to two shell companies (termed 'entry-providing' companies by the ED) connected to the app.
Thirdly, the ₹7 lakh recovered from Pitti's residence during April searches is considered potential proceeds of crime (PoC). The ED's submission, reviewed by ET, states they cannot rule out if these funds are linked to Sky Exchange's illegal activities.
Fourthly, Pitti was allegedly in contact with an operator involved in colluding with promoters of listed companies to manipulate stock prices. This manipulation reportedly involved obtaining beneficial shareholding positions (Benpos) from promoters. While promoters can readily access Benpos, public disclosure via stock exchanges is only quarterly, creating an information arbitrage opportunity for in-step trading.
In response to queries from ET, Pitti denied all allegations.
"I don't know this person, and there have been no remittances or payments to these companies since 2017. I'm hearing these names for the first time." He also stated, "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 a respondent in the case before the AA.
Under the Prevention of Money Laundering Act (PMLA), the AA authorises the ED to retain seized assets and evidence.
The ED's application states that digital data from Prashant Bagri's laptop lists Pitti as an agent of Sky Exchange. It further notes that
Easy Trip Planners Ltd
made remittances to Nischay Trading Private Ltd. and Silvertoss Shoppers Pvt. Ltd. in 2021, identified as entry-providing companies. Based on this, the ED concludes that Easy Trip Planners Ltd. and Pitti were involved with proceeds of crime associated with Sky Exchange.
Bagri, an associate of an accused, claimed to have been in regular contact with Pitti regarding his company's Benpos. The ED's probe indicates that the betting scam players contacted promoters of 25 listed entities and used illegal proceeds to manipulate stock prices, totalling ₹350 crore. It is important to note that charges by law enforcement require judicial validation for conviction. Premises linked to EaseMyTrip and Pitti's residence were searched by the ED in April as part of the ongoing Mahadev Book online application case probe.
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