EaseMyTrip faces turbulence as its CEO is linked to the Mahadev online betting scandal.
The ED alleges Pitti had ties with Sky Exchange and aided stock rigging worth ₹350 crore.
The company insists on full compliance and denies any involvement in betting operations.
BY PC Bureau
New Delhi, May 20, 2025 – The Enforcement Directorate (ED) has widened its probe into the high-profile Mahadev online betting scam, bringing Nishant Pitti, CEO of Easy Trip Planners Ltd (EaseMyTrip), under the scanner. The ongoing investigation focuses on allegations of money laundering and stock manipulation, with the scam estimated to involve illicit proceeds exceeding ₹6,000 crore.
In its submission to the Adjudicating Authority under the Prevention of Money Laundering Act (PMLA), the ED has leveled four key allegations against Pitti:
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Awareness of Illegal Platform: The agency claims Pitti was aware of the operations of Sky Exchange, an unregulated betting platform allegedly linked to the Mahadev app.
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Suspicious Transactions: EaseMyTrip is accused of making payments in 2021 to two shell companies—Nischay Trading Pvt. Ltd. and Silvertoss Shoppers Pvt. Ltd.—which investigators say are tied to Sky Exchange.
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Unexplained Cash: During ED searches in April 2025, ₹7 lakh in cash was recovered from Pitti’s residence. While the agency suspects it could be part of the scam’s proceeds, a direct connection to Sky Exchange remains unverified.
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Digital Evidence: A laptop seized from Prashant Bagri, a known associate of a key accused, allegedly lists Pitti as an agent of Sky Exchange. Bagri also claimed frequent contact with Pitti regarding EaseMyTrip’s beneficial shareholding details.
🚨 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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The ED further alleges that Pitti collaborated with a group of operators to channel illegal betting profits into manipulating the stock prices of 25 listed companies, reportedly with the knowledge of their promoters. An estimated ₹350 crore was allegedly funneled into these operations.
Pitti, however, has strongly denied the charges. “I don’t know this individual, and we haven’t made any payments to these companies since 2017. I’m hearing about them for the first time,” he told The Economic Times. Regarding the seized cash, he said, “With eight earning members in our family and over ₹1,000 crore declared in income tax returns, our household’s declared cash reserve exceeds ₹70 lakh. The ₹7 lakh is well within that limit.”
EaseMyTrip also issued a statement in April 2025 categorically denying any direct or indirect association with the Mahadev betting network or any illegal platform, adding that the company is cooperating fully with authorities.
The scrutiny of Pitti follows ED raids on April 16, 2025, targeting 55 locations across Delhi, Mumbai, Chandigarh, Ahmedabad, Indore, Jaipur, Chennai, and Sambalpur (Odisha)—including Pitti’s home and EaseMyTrip’s offices. At the time, the company stated that no incriminating materials were seized during the searches.
🚨 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
The Mahadev app, allegedly run by Sourabh Chandrakar and Ravi Uppal from Dubai, is accused of orchestrating a vast illegal betting syndicate covering sports, card games, and even elections. Authorities believe the network defrauded the public of over ₹20,000 crore. The ED has earlier linked the scam to political and bureaucratic figures in Chhattisgarh, where the accused originate. In 2023, the Ministry of Electronics and IT blocked the Mahadev app for violating anti-money laundering laws.
Following news of the ED’s investigation, shares of EaseMyTrip dropped sharply by 8.61% on May 20 before recovering slightly to close at ₹11.5 on the BSE, down 4.63% overall.
The ED’s allegations are still under judicial review, and the investigation remains ongoing.
