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Business Standard
20-05-2025
- Business
- Business Standard
ED to probe EaseMyTrip's Nishant Pitti's role in Mahadev betting app case
EaseMyTrip's Chief Executive, Nishant Pitti, has now come under scrutiny in the Mahadev Betting App case. The case is being investigated by the Enforcement Directorate (ED). Pitti, according to the agency, may have been involved with a group of operators who allegedly manipulated stock prices of 25 publicly traded companies, The Economic Times reported. It further said that the alleged manipulation was done by using the money from the illegal betting app. The report stated that the alleged manipulation may have been done with the involvement and knowledge of the companies' promoters. The investigating agency has made four key allegations against Pitti as it was submitted to the adjudicating authority (AA), which oversees the money laundering investigations. The allegations levelled are: Pitti was aware of the operations of Sky Exchange, an illegal betting platform linked to the case. EaseMyTrip made payments to two shell companies, linked to Sky Exchange. A shell company refers to businesses that exist solely on paper and are used to hide the movement of money. It further alleged that during a raid conducted at Pitti's house, ₹7 lakh cash was seized last month. ED, in its submission, noted that it cannot rule out whether the funds are linked to the illegal activities of Sky Exchange. Piiti is accused of being in touch with an operator involved in manipulating the stock prices. The alleged manipulation was carried out by obtaining beneficial shareholding details, known as Benpos, by the promoters. Nishant Pitti denies allegations Denying all the charges and allegations, Piiti 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." He also commented on the raid conducted by the ED last month and said, "There are eight earning members in my family. We've filed income tax returns of over ₹1,000 crore, and our declared cash holdings are more than ₹70 lakh. The ₹7 lakh that was found is part of that declared amount.' The investigating agency also added that Pitti is listed as an agent of Sky Exchange, according to the digital data seized from Prashant Bagri's laptop, an accused in the scam. The latter also told investigators that he was in regular contact with Pitti. Mahadev Betting App case The Mahadev Betting App case gained traction after an FIR that alleged illegal online gambling and cyberfraud amounting to ₹15,000 crore. 32 individuals have been named so far for their involvement in the case.
Mint
20-05-2025
- Business
- Mint
Mahadev Betting app scam: Enforcement Directorate probes EaseMyTrip CEO Nishant Pitti, says Report
The Enforcement Directorate (ED) is probing travel firm EaseMyTrip CEO Nishant Pitti, who has been accused of being known of the activities of Sky Exchange, an illegal betting platform linked to the Mahadev app, reported the Economic Times. EaseMyTrip made payments to two shell firms connected to Sky Exchange in 2021 - Nischay Trading Pvt Ltd and Silvertoss Shoppers Pvt Ltd, the ED alleged. Shell companies are businesses that remain only on paper and are often used to conceal the movement of money. It confiscated ₹ 7 lakh in cash from Pitti's residence during a raid in April. The ED suspects that the money may be linked to proceeds of crime and is considering the possibility that it could be associated with Sky Exchange's illegal activities. Pitti is accused of having connections with an operator working alongside company promoters to manipulate stock prices. This manipulation allegedly occurred by obtaining beneficial shareholding information (Benpos) from the promoters. Such access to information before quarterly disclosures provided an opportunity for trading based on insider knowledge, the report stated. The data recovered from the laptop of Prashant Bagri, who is connected to the scam, reveals that Pitti was listed as an agent for Sky Exchange. Bagri also allegedly told investigators that he was in frequent contact with Pitti regarding his firm's Benpos. The ED's investigation further states that individuals involved in the betting scam allegedly approached promoters from 25 listed companies, using illegal funds totaling ₹ 350 crore to manipulate stock prices. '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. There are eight earning members in my family. We've filed income tax returns of over ₹ 1,000 crore, and our declared cash holdings are more than ₹ 70 lakh. The ₹ 7 lakh that was found is part of that declared amount," the report quoted him as saying. Pitti earlier denied connection with the Mahadev app or any other betting app after the Enforcement Directorate conducted searches in over 50 locations, comprising its Gurugram office. On April 17, the company stated in an exchange filing, '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." It is important to note that these are merely allegations made by the investigating agency and must be validated through judicial proceedings
Hindustan Times
20-05-2025
- Business
- Hindustan Times
EaseMyTrip CEO Nishant Pitti being probed in Mahadev betting app scam: Report
The chief executive officer of travel firm EaseMyTrip, Nishant Pitti, has come under scrutiny in the investigation into the Mahadev Betting App scam by the Enforcement Directorate (ED), reported the Economic Times. According to the probe agency, Pitti may have been in cahoots with a group of operators who allegedly manipulated stock prices of 25 publicly traded companies using the money from the illegal betting business, the report said, adding that this may have been done with help and knowledge of the promoters of these companies. According to the documents submitted by the Enforcement Directorate to the Adjudicating Authority, the official body that oversees money laundering cases, Nishant Pitti faces four major allegations- When reached out by the Economic Times to respond to the allegations, Nishant Pitti denied all of them. '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,' the report quoted him as saying. On the ₹7 lakh recovered by the ED from his home, Pitti said, 'There are eight earning members in my family. We've filed income tax returns of over ₹1,000 crore, and our declared cash holdings are more than ₹70 lakh. The ₹7 lakh that was found is part of that declared amount.' Pitti is now a respondent in the case before the Adjudicating Authority under the Prevention of Money Laundering Act (PMLA). Under the act, the ED is permitted to hold on to any assets seized during probes. According to the ED's report, the data recovered from the laptop belonging to Prashant Bagri, who is linked to the scam, shows Pitti listed as an agent for Sky Exchange. The data also shows that Pitti's firm EaseMyTrip sent money to two reportedly shell companies in 2021 - Nischay Trading Pvt Ltd and Silvertoss Shoppers Pvt Ltd. Bagri also reportedly told investigators that he was in regular touch with Pitti about his firm's Benpos. ED's investigation also points out that the people involved in the betting scam approached promoters of 25 listed companies and used illegal proceedings worth ₹350 crore to influence stock prices, the report said. These are just the allegations by the probe agency and it is to be noted that they require validation through judicial proceedings.
Business Upturn
22-04-2025
- Business
- Business Upturn
ED likely to examine Gensol Engineering case under PMLA Act, says report; Stock down 43% in 9 days
By Aditya Bhagchandani Published on April 22, 2025, 11:29 IST Shares of Gensol Engineering Ltd were locked in the 5% lower circuit for the eighth consecutive session on April 22, slipping to ₹105.17 on the NSE. The stock has now plunged nearly 40% in just eight trading days, triggering panic among investors. According to CNBC-TV18, the Enforcement Directorate (ED) is likely to examine the Gensol Engineering case under the Prevention of Money Laundering Act (PMLA). The agency is reportedly studying financial irregularities in the company and may seek further information from various stakeholders, including regulatory bodies. In a key development, the ED on Sunday confiscated a stake in Gensol Engineering that was allegedly linked to the Mahadev Betting App—a move that intensified investor concerns. The stock opened and closed at ₹105.17, a sharp fall from the previous close of ₹110.71. With today's drop, Gensol shares have now hit the lower circuit in eight straight sessions, and are down over 60% from their 52-week high of ₹1,124.90. The company's market cap has eroded to ₹4.04 billion. Gensol Engineering Share Price history Day Open Close Change % Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
