The Enforcement Directorate (ED) has expanded its investigation into the Mahadev betting app case, with EaseMyTrip CEO Nishant Pitti now under the radar.
The Economic Times reported that, according to the ED’s submission to the adjudicating authority (AA), Pitti was aware of the activities of Sky Exchange—an illegal betting platform linked to the Mahadev app. The ED also claims that his company, Easy Trip Planners Ltd, made payments to two shell companies that were reportedly connected to the betting network.
ED recovered Rs 7 lakh during searches
In April, the ED conducted searches at premises linked to Pitti and EaseMyTrip. During the operation, officials recovered Rs 7 lakh in cash from Pitti’s residence, according to Economic Times. The agency suspects this amount may be proceeds of crime (PoC), although they admit they cannot yet confirm its direct link to Sky Exchange’s activities.
The ED has also accused Pitti of being in contact with an operator involved in manipulating stock prices of 25 listed companies. This operator allegedly colluded with company promoters to gain access to beneficial shareholding positions, known as Benpos, which are not publicly disclosed until quarterly filings. The ED believes this information was used to carry out illegal trading activities.
Pitti denies all allegations
In a statement to The Economic Times, Pitti denied all accusations. He said, “I don’t know this person, and there have been no remittances or payments to these companies since 2017. I’m hearing these names for the first time.”
He also noted that the Rs 7 lakh seized was part of his declared cash holdings. “With eight earning members at home and over Rs 1,000 crore in IT returns, our declared cash in hand is more than Rs 70 lakh,” he added.
The company in an official statement said, “We categorically and unequivocally deny the allegations…These claims are entirely baseless, misleading and devoid of factual merit.”
“EaseMyTrip, as an organization, upholds the highest standards of corporate governance and full compliance with all applicable laws and regulations. We take these allegations seriously and are fully cooperating with the authorities to ensure that the facts are established transparently and expeditiously,” the company added.
Digital evidence and past transactions against Pitti
According to The Economic Times, the ED’s application also refers to digital data from the laptop of Prashant Bagri, an accused in the case. This data allegedly lists Pitti as an agent of Sky Exchange.
Additionally, the ED pointed out that Easy Trip Planners made remittances in 2021 to two firms—Nischay Trading Pvt. Ltd. and Silvertoss Shoppers Pvt. Ltd.—identified as shell companies.
Bagri is also said to have been in regular contact with Pitti about Benpos of his company, further strengthening the ED’s case. The agency believes that the illegal betting proceeds were used to manipulate stock prices to the tune of Rs 350 crore.
Pitti is currently a respondent in the case before the adjudicating authority under the Prevention of Money Laundering Act (PMLA). The ED’s case is still under investigation and requires court validation for any conviction.
What is the Mahadev Online Book scam?
The Mahadev Online Book scam is one of India’s biggest illegal betting rackets. It involved betting on sports events, card games, and even Indian elections. The platform is accused of match-fixing, laundering money through cryptocurrencies, and manipulating games to generate massive profits for its promoters.
The app was allegedly run by a group of individuals led by Sourabh Chandrakar and Ravi Uppal, based out of Dubai. They created a large network of agents and operators in India who collected money from users and facilitated betting.
The operation ran through a network of websites and private chat groups, mainly on WhatsApp. Bettors were given separate numbers for depositing and withdrawing money, making it difficult for authorities to track transactions.
The investigation gained momentum when the Enforcement Directorate (ED) discovered suspicious financial transactions linked to a lavish Rs 250 crore wedding in the UAE, hosted by Chandrakar. This extravagant event raised red flags, pointing to possible hawala operations and international money laundering.