Nishant Pitti, the CEO of travel company EaseMyTrip, is under the spotlight in India’s Enforcement Directorate’s investigation into the Mahadev Betting App scam, according to a report by the Economic Times.
The agency reports that Pitti might have been working with a group of operators who allegedly used money from the illegal betting business to manipulate the stock prices of 25 publicly listed companies.
The report also suggests that this may have happened with the involvement, and possibly the knowledge, of the companies’ own promoters.
However, speaking to ReadWrite, he has denied the claims.
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Documents submitted by the Enforcement Directorate to the Adjudicating Authority, the official body that handles money laundering cases, outline four major allegations against Pitti.
As previously reported in April, India’s Central Bureau of Investigation arrested 14 bookmakers across three states in relation to the scam.
What are the Mahadev betting app claims against Nishant Pitti?
The ED claims that Pitti was allegedly aware of the operations of Sky Exchange, an illegal betting platform tied to the Mahadev app. The agency reports that Pitti’s company, EaseMyTrip, made payments to two shell companies connected to Sky Exchange.
These are firms that exist mostly on paper and are often used to conceal financial transactions.
During a raid at Pitti’s residence in April, the ED is said to have seized ₹7 lakh ($8,177) in cash, which they believe could be proceeds of crime potentially linked to Sky Exchange’s unlawful activities. The investigation also suggests that Pitti may have been in contact with an operator working alongside company promoters to manipulate stock prices.
The manipulation reportedly involved accessing beneficial shareholding details, known as Benpos, before quarterly disclosures. Since promoters usually get this information ahead of time, it creates what the report describes as an “information arbitrage opportunity” for coordinated trading.
Pitti denies allegations
A spokesperson for Pitti has firmly rejected the allegations, telling ReadWrite, “These claims are entirely baseless, misleading, and devoid of factual merit.”
Stressing that Pitti has had no involvement, “direct or indirect,” with any illegal betting operations or associated entities, the spokesperson reiterated the company’s commitment to integrity, asserting that EaseMyTrip maintains “the highest standards of corporate governance and full compliance with all applicable laws and regulations.”
The company said it is cooperating fully with authorities to ensure a transparent investigation. In addition, they clarified that the two entities in question had only purchased EaseMyTrip shares on the open market in May 2021 and received dividends of approximately ₹5 lakhs in December 2021 “in the normal course… as per shareholder rights,” with no other transactions or affiliations since.
They warned that “unwarranted speculation undermines the trust of our stakeholders” and urged against forming judgments based on “unverified and unsubstantiated information.”
Pitti is reportedly a respondent in the case being heard by the Adjudicating Authority under the Prevention of Money Laundering Act (PMLA), which allows the ED to retain any assets seized during its investigations.
Mahadev betting scam agent
According to the ED’s report, data recovered from a laptop belonging to Prashant Bagri, who is linked to the scam, shows Pitti listed as an agent for the illegal betting platform Sky Exchange. The same data also reveals that Pitti’s company, EaseMyTrip, transferred funds in 2021 to two companies believed to be shell entities: Nischay Trading Pvt Ltd and Silvertoss Shoppers Pvt Ltd.
Bagri, said to be an associate of one of the accused, reportedly told investigators that he was in regular contact with Pitti about his company’s Benpos, which are shareholding details that can provide an edge in stock trading.
The ED’s probe suggests that individuals involved in the scam reached out to promoters of 25 publicly listed companies and used illegal betting proceeds to manipulate stock prices, with the suspected total impact estimated at ₹350 crore ($40.9 million).
It is worth noting that while these allegations are serious, they still require judicial validation before any conviction can be made. As part of the ongoing investigation into the Mahadev Book online betting case, the ED conducted searches at locations linked to EaseMyTrip and Pitti’s residence in April.
ReadWrite has reached out to the Enforcement Directorate for comment.
UPDATED: Comments from Nishant Pitti’s spokesperson have been added on May 26, 2025.
Featured image: Nishant Pitti via LinkedIn / Canva
