Shares of Easy Trip Planners drop nearly 4% amid serious charges against co-founder Nishant Pitti. As enforcement agencies dig deeper, investor anxiety grows.
By PC BUREAU
New Delhi, May 21, 2025 – Shares of Easy Trip Planners Ltd, the parent company of online travel platform EaseMyTrip, slumped nearly 4% around 1 PM on Monday, May 19, 2025, closing at ₹11.5 on the BSE, as investors grappled with the implications of an ongoing Enforcement Directorate (ED) investigation into the company’s co-founder and CEO, Nishant Pitti. The probe, linked to the ₹20,000-crore Mahadev online betting app scam, has brought Pitti under scrutiny for alleged financial irregularities, sending ripples through India’s corporate and financial sectors.
Specific Charges Against Nishant Pitti
The ED’s investigation, as detailed in documents submitted to the Adjudicating Authority under the Prevention of Money Laundering Act (PMLA), outlines four key allegations against Pitti:
- Knowledge of Sky Exchange Operations
The ED alleges that Pitti was aware of the illegal activities of Sky Exchange, a betting platform linked to the Mahadev app. Digital evidence recovered from the laptop of Prashant Bagri, an associate of a key accused, reportedly lists Pitti as an “agent” for Sky Exchange. Bagri told investigators he was in regular contact with Pitti regarding EaseMyTrip’s beneficial ownership (Benpos) data, which could have facilitated illicit financial activities. - Payments to Shell Companies
The agency claims that in 2021, EaseMyTrip made payments to two shell companies—Nischay Trading Pvt Ltd and Silvertoss Shoppers Pvt Ltd—allegedly used to launder money from the Mahadev app’s betting operations. Shell companies, which exist only on paper, are often used to obscure the flow of illicit funds, and the ED asserts these transactions point to EaseMyTrip’s involvement in handling proceeds of crime. - Seizure of ₹7 Lakh as Potential Proceeds of Crime
During raids in April 2025 at Pitti’s residence, the ED seized ₹7 lakh in cash, which it suspects may be linked to Sky Exchange’s illegal activities. While the agency has not yet established a direct connection, it considers the cash potential proceeds of crime, raising questions about its origins. - Stock Price Manipulation with Illicit Funds
The ED alleges that Pitti collaborated with operators who used ₹350 crore in proceeds from the Mahadev app to manipulate the stock prices of 25 publicly traded companies, including EaseMyTrip. The agency claims this was done with the knowledge of company promoters, leveraging confidential Benpos data to enable synchronized trading and insider manipulation.
🚨 ED Probes EaseMyTrip CEO in Mahadev Betting App Scam
Enforcement Directorate raided over 50 locations, including EaseMyTrip CEO Nishant Pitti’s premises, in connection with the Mahadev online betting scam. pic.twitter.com/CMTiVCjaq9
— The Matrix (@thematrixloop) May 20, 2025
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Background of the Mahadev Betting App Scam
The Mahadev Online Book app, operated by Dubai-based promoters Sourabh Chandrakar and Ravi Uppal, is accused of running one of India’s largest illegal betting rackets, defrauding investors of approximately ₹20,000 crore. The platform enabled real-time betting on sports, card games, and even elections through a network of websites and private WhatsApp groups. The scam gained attention in 2023 after Chandrakar’s extravagant ₹250-crore wedding in the UAE triggered ED scrutiny. The agency has since frozen assets worth over ₹3,000 crore and arrested several individuals, including high-profile figures from Chhattisgarh.
The ED’s investigation revealed that the Mahadev app laundered money through cryptocurrencies, fake bank accounts, and shell companies, with Sky Exchange serving as a key conduit. The case has implicated celebrities, politicians, and bureaucrats, including former Chhattisgarh Chief Minister Bhupesh Baghel, who has denied allegations of receiving kickbacks.
Pitti and EaseMyTrip’s Response
Nishant Pitti and EaseMyTrip have strongly denied the allegations. In a statement, Pitti called the claims “completely baseless, speculative, and misleading,” asserting he has “no involvement, direct or indirect, with any illegal betting operations.” He clarified that the ₹7 lakh seized is part of his family’s declared income, with tax returns exceeding ₹1,000 crore, and represents legitimate personal withdrawals. Pitti also denied knowing Prashant Bagri or making payments to the alleged shell companies since 2017.
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EaseMyTrip issued a regulatory filing stating, “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.” The company clarified that two entities purchased EaseMyTrip shares on the open market in May 2021, receiving dividends of ₹5 lakh in December 2021 as per shareholder rights, and denied any further association with them. EaseMyTrip emphasized its commitment to cooperating with authorities to establish the facts.
Market Impact and Public Sentiment
The ED’s probe has rattled investors, contributing to the nearly 4% drop in EaseMyTrip’s share price on Monday. This follows a pattern of volatility, with the stock plunging 11% on April 16, 2025, after reports of ED raids at Pitti’s premises and EaseMyTrip’s offices. Posts on X reflect mixed sentiments, with some users questioning Pitti’s involvement and others noting the ED’s raids as a cause for concern, though these remain inconclusive without judicial validation.
Pitti is now a respondent before the Adjudicating Authority under the PMLA, with the ED empowered to retain seized assets during the investigation. The agency’s raids in April 2025 covered over 170 locations, including Pitti’s premises, as part of its ongoing probe. The next hearing will review the ED’s evidence and Pitti’s rebuttal, with the case’s progression hinging on EaseMyTrip’s ability to provide robust financial documentation.
The Mahadev betting app scandal has exposed the intricate web of financial crime in India, linking corporate entities, stock markets, and illegal betting networks. As the ED’s investigation continues, the outcome will likely have significant implications for EaseMyTrip, Pitti’s leadership, and the broader discourse on corporate governance and money laundering in India. For now, Pitti and EaseMyTrip remain resolute in their defense, urging stakeholders to await the judicial process.
