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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)
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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.
Economic Times
20-05-2025
- Business
- Economic Times
ED probes EaseMyTrip CEO in Mahadev app betting scam
The Enforcement Directorate is investigating Nishant Pitti, CEO of EaseMyTrip, in connection with the Mahadev betting app scam. Pitti is accused of colluding with operators to manipulate stock prices. The ED alleges Pitti's firm made payments to shell companies. Searches were conducted at Pitti's residence. Pitti denies all allegations, stating he is unaware of the individuals and companies mentioned. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads 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 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 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 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 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 the Prevention of Money Laundering Act (PMLA), the AA authorises the ED to retain seized assets and 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 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.
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
Time of India
19-05-2025
- Business
- Time of India
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.
