'Baseless, misleading': EaseMyTrip rejects claims of CEO Nishant Pitti's links to illegal betting

Travel booking platform EaseMyTrip has strongly denied media reports claiming the Enforcement Directorate (ED) is investigating its co-founder and CEO Nishant Pitti, over alleged connections to Sky Exchange, an illegal betting platform associated with the controversial Mahadev app. The company dismissed these reports as 'entirely baseless, misleading, and devoid of factual merit.

According to an Economic Times report, the probe agency alleged that Pitti was aware of Sky Exchange's operations and may have had connections with individuals accused of stock price manipulation using illicit funds. The report adds that Pitti's name appeared as an agent in data recovered from a laptop belonging to Prashant Bagri, an individual under the ED's scanner in the same case. Bagri reportedly told investigators that he was in regular contact with Pitti regarding EaseMyTrip’s beneficial shareholding information (Benpos)—a list of shareholders that can offer insights into stock movements.

The ED is also reportedly examining EaseMyTrip’s past financial dealings with two firms—Nischay Trading Pvt Ltd and Silvertoss Shoppers Pvt Ltd—which it has identified as shell companies connected to Sky Exchange. These firms, which had purchased EaseMyTrip shares via the open market in May 2021, reportedly received dividend payouts of around ₹5 lakh in December that year. The agency suspects these transactions may be linked to proceeds of crime.

Responding to the allegations, EaseMyTrip issued a strong denial. “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 said in an official statement.

The statement further clarified that the two entities in question purchased shares through the open market and were paid dividends in the normal course, in line with shareholder rights. “There has been no other transaction or association with these entities,” it added.

EaseMyTrip maintained that it adheres to the highest standards of corporate governance and is cooperating fully with authorities. “Mr Pitti has had no involvement, direct or indirect, with any illegal betting operations or entities related to the Mahadev app,” the statement said. The company urged the public and media not to draw conclusions based on what it described as “unverified and unsubstantiated information.”

In April, ED officials searched Pitti’s residence and seized ₹7 lakh in cash, as per media reports. Investigators are reportedly now evaluating whether the money has any links to Sky Exchange's operations. The broader investigation points to a coordinated effort to manipulate stock prices using insider information, with the ED claiming that individuals involved in the betting network approached promoters of around 25 listed companies and funnelled illegal funds amounting to ₹350 crore.

“I don’t know this person, and we haven’t made any payments to these companies since 2017. I’ve never even heard of these names before. There are eight earning members in my family. We’ve filed income tax returns of over ₹1,000 crore, and our declared cash holdings are more than ₹70 lakh. The  ₹7 lakh that was found is part of that declared amount,” the report quoted him as saying.

This is not the first time the company has distanced itself from the controversy. In an exchange filing dated April 17, EaseMyTrip had stated, “While EaseMyTrip has no direct or indirect association with the Mahadev Betting App or any other betting platform, we remain fully committed to cooperating with the authorities throughout the investigation.”