New Delhi | May 21, 2025 — The Enforcement Directorate (ED) is investigating Nishant Pitti, CEO and co-founder of EaseMyTrip, in connection with the sprawling Mahadev Betting App scam, one of India’s biggest illegal betting and money laundering scandals. The agency alleges Pitti may have ties to Sky Exchange, an illegal betting platform linked to the Mahadev network, and is probing payments to suspected shell companies and alleged stock price manipulation.
The Mahadev Betting App, allegedly run by Dubai-based operators Saurabh Chandrakar and Ravi Uppal, is accused of laundering over ₹6,000 crore through a sophisticated web of digital betting platforms, benami accounts, and cryptocurrency transactions. Authorities say the app enabled bets on everything from sports and card games to Indian elections.
ED Targets Pitti Over Shell Companies, Stock Manipulation
According to multiple media reports citing official sources, the ED has linked Pitti to four major allegations:
Involvement with Sky Exchange: Pitti is named as an agent in digital evidence recovered from a laptop belonging to arrested associate Prashant Bagri.
Suspicious Transactions: EaseMyTrip allegedly transferred funds in 2021 to two suspected shell firms—Nischay Trading Pvt Ltd and Silvertoss Shoppers Pvt Ltd.
Cash Seizure: ₹7 lakh in cash was recovered during April 2025 raids at Pitti’s residence and EaseMyTrip offices.
Market Manipulation: Authorities claim ₹350 crore in illegal betting profits were funneled into manipulating stock prices of 25 companies.
The ED believes these transactions were part of a larger attempt to route black money through legitimate-seeming financial instruments.
Pitti Denies Allegations, Calls Transactions Legitimate
In a statement, Nishant Pitti strongly refuted all claims, saying he has “no connection” to the individuals or companies under ED investigation. He called the ₹7 lakh cash seized during the raid “a minor amount” compared to his declared cash assets and income.
EaseMyTrip also defended the company’s position, asserting that its only interactions with the named firms were legitimate share purchases and dividend payments in 2021, with no further business since then. The company emphasized its commitment to corporate transparency and full cooperation with authorities.
A High-Stakes Investigation Unfolds
The Mahadev scam has already rocked India’s financial and political systems, with politicians, celebrities, and bureaucrats under the scanner. Over ₹2,295 crore in assets have been frozen or attached. ED’s latest focus on Pitti marks a significant escalation in the investigation, expanding its scope into the corporate travel sector.
While the allegations against Pitti are serious, they remain under investigation and are yet to be tested in court. The ED continues to examine digital evidence and transaction records to build its case.
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