The Enforcement Directorate (ED) has intensified its investigation into the sprawling Mahadev betting app scam, turning its lens on Nishant Pitti, co-founder and CEO of EaseMyTrip. According to the agency, Pitti is allegedly linked to a high-stakes network that laundered proceeds from illegal betting into the Indian stock market, manipulating the shares of 25 listed companies through insider access and shell entities.
A Travel Mogul’s Unexpected Turn in a Gambling Empire’s Trail
In a development that has sent ripples through India’s corporate and financial sectors, the Enforcement Directorate has formally implicated Nishant Pitti—CEO of publicly listed travel company Easy Trip Planners Ltd (EaseMyTrip)—in the now-infamous Mahadev online betting app scandal. According to documents submitted by the ED to the Adjudicating Authority under the Prevention of Money Laundering Act (PMLA), Pitti is accused of playing a key role in laundering illicit betting proceeds.
The agency claims that Pitti was not only aware of operations conducted by Sky Exchange, a sister platform of Mahadev, but also engaged in financial transactions with two shell companies—Nischay Trading Pvt Ltd and Silvertoss Shoppers Pvt Ltd—which were allegedly used to funnel black money into the financial markets.
These transactions, according to the ED, form a crucial link in the laundering chain. The agency believes ₹350 crore in illegal funds were used to influence the stock prices of 25 listed firms, many with the alleged cooperation of company promoters.
Shell Companies, Insider Data, and Suspicious Stock Trades
The ED’s inquiry claims that Sky Exchange used a web of “entry-providing” firms to obscure the flow of betting proceeds. Investigators allege that EaseMyTrip routed payments to these entities, aiding in the laundering process. One of the most serious allegations against Pitti involves access to Benpos (beneficial ownership) data—information typically restricted to insiders until quarterly disclosures. This data allegedly enabled stock price manipulation and synchronized trading strategies.
Additionally, during searches at Pitti’s residence in April, authorities seized ₹7 lakh in cash, which they believe could be part of the scam’s proceeds. Pitti has dismissed the claim, stating that the cash is part of his family’s declared income, amounting to over ₹1,000 crore in IT returns, and that the seized amount is negligible relative to their financial standing.
Another layer of the investigation reveals digital records recovered from Prashant Bagri, an alleged associate of the Mahadev syndicate, who named Pitti as a contact and data point for Sky Exchange operations. Bagri allegedly shared Easy Trip’s Benpos data with operators coordinating fraudulent trades.
Denial, Legal Process, and A High-Stakes Showdown Ahead
Pitti has categorically denied all allegations.
ALSO READ: FCRF Launches Campus Ambassador Program to Empower India’s Next-Gen Cyber Defenders
Despite his denial, Pitti has now been named as a respondent in a case before the adjudicating authority. Under the PMLA, the ED is empowered to retain seized assets and evidence during investigation. Legal experts say that unless EaseMyTrip or Pitti can provide a detailed rebuttal with financial records and compliance documentation, the case may proceed toward a trial stage.
The broader Mahadev betting app network, previously linked to Bollywood celebrities and offshore operators, has emerged as one of India’s most sophisticated financial crime ecosystems. As the ED digs deeper, its new line of inquiry signals a shift—from merely chasing digital gambling operations to unmasking systemic abuse of financial markets using illicit cash.
