Latest news with #NishantPitti
Time Business News
21-05-2025
- Business
- Time Business News
₹7 Lakh, 7 Seconds of Fame: When Headlines Hurt More
For several days now, major outlets have carried headlines Nishant Pitti in the Mahadev betting app probe, echoing claims that include a cash seizure of ₹7 lakh and alleged connections to entities under investigation. But behind the noise lies a more sobering truth: the facts, as they stand, don't justify the frenzy. Let's begin with the most repeated line in the coverage — that ₹7 lakh was 'recovered' from Pitti's residence. The figure has been paraded in bold font and primetime debate panels with an almost cinematic flourish. But context matters. This was a household with eight working, tax-paying adults, and the family had already disclosed over ₹70 lakh in household cash reserves in their tax filings. To imply criminality over ₹7 lakh — in a country where cash is still a common mode of household contingency — is not just disingenuous, it borders on farcical. In any other setting, it would be an afterthought. Here, it became the headline. So far, there are no formal charges against Nishant Pitti. The primary allegation appears to be that two entities — now reportedly under ED scrutiny — had, years ago, purchased shares in EaseMyTrip through the open market and received dividend payouts like any other shareholder. No direct business ties. No evidence of communication. Just shareholding — the very purpose of a public listing. Yet the framing in several media stories walks a razor-thin line between fact and insinuation, often glossing over the most basic distinctions. A name in a report becomes presumed guilt. And in the age of virality, nuance is the first casualty. There's a growing concern in India's entrepreneurial community about the pattern of soft-targeting successful individuals, especially those with high visibility and independent clout. Once a name is associated — however loosely — with a high-profile investigation, the media machinery can spin a full-blown scandal, even in the absence of concrete links. And when unverified documents or leaks make it to airwaves before courtrooms, the damage is done, regardless of the final outcome. This is not a defence of any alleged crime. If there is evidence, let due process take its course. But what we're seeing is not due process — it's trial by press release. When facts are wrapped in hyperbole and served without context, public trust suffers. Not just in the person being accused, but in the credibility of the institutions investigating them — and in the media reporting on them. Cash in a house. Dividends on public shares. A name in a report. None of these are crimes in themselves. But the insinuations built around them can ruin reputations, unsettle companies, and undermine confidence in entrepreneurship itself. Until there is substantive proof, Nishant Pitti remains just that — a name mentioned in an ongoing probe, with no charges filed. His cooperation with authorities has been open, and his public statement clear. But even if the case closes tomorrow, the question will linger: Was this about justice — or a headline? Because when ₹7 lakh becomes a national talking point, we should ask whether we're chasing truth — or just the next convenient villain. By Rohan Malhotra | New Delhi TIME BUSINESS NEWS
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Business Standard
21-05-2025
- Business
- Business Standard
EaseMyTrip denies allegations against founder Pitti in Mahadev betting case
Travel booking platform EaseMyTrip on Wednesday denied allegations against its founder and chairman Nishant Pitti in the Mahadev app betting case, terming the claims "entirely baseless, misleading, and devoid of factual merit". Pitti has reportedly been accused of colluding with a network of operators who allegedly used proceeds from the illegal betting operation to manipulate the stock prices of 25 listed companies, purportedly in connivance with their promoters. The Enforcement Directorate in April searched the premises of Pitti as part of fresh multi-state raids in the Mahadev online betting app-linked money laundering case. The raids covered 55 locations including Delhi, Mumbai, Chandigarh, Ahmedabad, Indore, Jaipur, Chennai and Sambalpur in Odisha. "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 has had no involvement, direct or indirect, with any illegal betting operations or entities related to the Mahadev app, it added. Clarifying further, EaseMyTrip claimed that "two entities" independently purchased EaseMyTrip shares through the open market in May 2021. "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," EaseMyTrip stated. EaseMyTrip shares dropped by 3.99 per cent to Rs 11.07 apiece on BSE on Wednesday. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
News18
21-05-2025
- Business
- News18
EaseMyTrip Denies Allegations Against Founder Pitti In Mahadev App Betting Case
Published By : PTI Travel booking platform EaseMyTrip on Wednesday denied allegations against its founder and chairman Nishant Pitti in the Mahadev app betting case Travel booking platform EaseMyTrip on Wednesday denied allegations against its founder and chairman Nishant Pitti in the Mahadev app betting case, terming the claims 'entirely baseless, misleading, and devoid of factual merit". Pitti has reportedly been accused of colluding with a network of operators who allegedly used proceeds from the illegal betting operation to manipulate the stock prices of 25 listed companies, purportedly in connivance with their promoters. The Enforcement Directorate in April searched the premises of Pitti as part of fresh multi-state raids in the Mahadev online betting app-linked money laundering case. The raids covered 55 locations including Delhi, Mumbai, Chandigarh, Ahmedabad, Indore, Jaipur, Chennai and Sambalpur in Odisha. '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. advetisement Pitti has had no involvement, direct or indirect, with any illegal betting operations or entities related to the Mahadev app, it added. Clarifying further, EaseMyTrip claimed that 'two entities" independently purchased EaseMyTrip shares through the open market in May 2021. '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," EaseMyTrip stated. EaseMyTrip shares dropped by 3.99 per cent to Rs 11.07 apiece on BSE on Wednesday. (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) Watch India Pakistan Breaking News on CNN News18. Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. Get in-depth analysis, expert opinions, and real-time updates—only on News18. Also Download the News18 App to stay updated! Location : New Delhi, India, India First Published: May 21, 2025, 14:53 IST
India Gazette
20-05-2025
- Business
- India Gazette
EaseMyTrip denies any connection of its founder Nishant Pitti with Mahadev app
New Delhi [India], May 20 (ANI): Online Travel portal EaseMyTrip on Tuesday denied any connection of its founder and chairman Nishant Pitti with the Mahadev app which is being investigated by the Directorate of Enforcement (ED). In a statement the company said, '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.' 'Mr. Pitti has had no involvement, direct or indirect, with any illegal betting operations or entities related to the Mahadev app. EaseMyTrip, as an organization, upholds the highest standards of corporate governance and full compliance with all applicable laws and regulations. We take these allegations seriously and are fully cooperating with the authorities to ensure that the facts are established transparently and expeditiously,' the statement further said. EaseMyTrip said that unwarranted speculation undermines the trust of its stakeholders. 'To clarify, the two entities independently purchased EaseMyTrip shares through the open market in May 2021. Dividends of around Rs5 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,' a company statement said. '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,' it added. Earlier in the day, EaseMyTrip Founder and Chairman Nishant Pitti rubbished allegations that he was linked to illegal activities involving Sky Exchange, the Mahadev app, or any form of unlawful conduct. The Directorate of Enforcement (ED) had conducted searches at the premises of Nishant Pitti in mid-April 2025, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in the 'Mahadev Online Book Betting APP case'. 'I strongly deny the recent allegations linking me to any illegal activities involving Sky Exchange, the Mahadev app, or any form of unlawful conduct. These claims are completely baseless, speculative, and misleading,' Nishant Pitti said in a statement on Tuesday. According to Pitti, someone is making a deliberate and sustained effort to tarnish his personal reputation through 'false narratives and misinformation.' 'Such tactics are not only defamatory but also intended to divert attention by dragging my name into unrelated matters without any factual basis,' said Pitti in his statement. 'I have always conducted myself in full compliance with all financial, legal, and regulatory norms,' he added. Regarding the Rs 7 lakh recovered by the Enforcement Directorate from his home, Pitti said the amount represents a 'legitimate personal cash withdrawal, proportionate to the size and needs of my family.' He further stated, 'It is fully accounted for, duly declared in financial records, and maintained in the normal course to meet household requirements and contingencies. I am fully cooperating with the authorities and remain prepared to provide any clarification.' In the Mahadev app case, ED has so far conducted searches at more than 170 premises. Further, because of the investigation, immovable and movable assets valued at Rs 3,002.47 crore (approximately) have been seized/ frozen /attached in the case, according to an ED press statement dated April 21. ED has also arrested a total of 13 persons in the case. (ANI)
India Gazette
20-05-2025
- Business
- India Gazette
Nishant Pitti rubbishes linkages to unlawful conduct as ED probes Mahadev app case
New Delhi [India], May 20 (ANI): EaseMyTrip Founder and Chairman Nishant Pitti on Tuesday rubbished allegations that he was linked to illegal activities involving Sky Exchange, the Mahadev app, or any form of unlawful conduct. The Directorate of Enforcement (ED) had conducted searches at the premises of Nishant Pitti in mid-April 2025, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in the 'Mahadev Online Book Betting APP case'. 'I strongly deny the recent allegations linking me to any illegal activities involving Sky Exchange, the Mahadev app, or any form of unlawful conduct. These claims are completely baseless, speculative, and misleading,' Nishant Pitti said in a statement on Tuesday. According to Pitti, someone is making a deliberate and sustained effort to tarnish his personal reputation through 'false narratives and misinformation.' 'Such tactics are not only defamatory but also intended to divert attention by dragging my name into unrelated matters without any factual basis,' said Pitti in his statement. 'I have always conducted myself in full compliance with all financial, legal, and regulatory norms,' he added. Regarding the Rs 7 lakh recovered by the Enforcement Directorate from his home, Pitti said the amount represents a 'legitimate personal cash withdrawal, proportionate to the size and needs of my family.' He further claimed, 'It is fully accounted for, duly declared in financial records, and maintained in the normal course to meet household requirements and contingencies. I am fully cooperating with the authorities and remain prepared to provide any clarification.' In the Mahadev app case, ED has so far conducted searches at more than 170 premises. Further, as a result of the investigation, immovable and movable assets valued at Rs 3,002.47 crore (approximately) have been seized/ frozen /attached in the case, according to an ED press statement dated April 21. ED has also arrested a total of 13 persons in the subject case. At the same time, 74 entities have been arraigned as accused in the five prosecution complaints filed in the subject matter, the ED's April 21 statement had asserted. (ANI)
