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EaseMyTrip CEO Nishant Pitti Formally Accused in ED's Mahadev Betting App Probe

The Enforcement Directorate has alleged Pitti's involvement in stock manipulation and illegal transactions linked to the ₹20,000 crore betting scam, while Pitti denies all charges.

EaseMyTrip CEO Nishant Pitti has denied all charges against him in probe linked to Mahadev betting app scam.
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EaseMyTrip | Image: Freepik, EaseMyTrip

Overview

  • The Enforcement Directorate (ED) has formally named EaseMyTrip CEO Nishant Pitti in its investigation into the Mahadev Betting App scam under the Prevention of Money Laundering Act (PMLA).
  • Pitti is accused of being aware of Sky Exchange's illegal betting operations and making payments to two shell companies linked to the platform in 2021.
  • The ED alleges Pitti colluded with operators to manipulate stock prices of 25 listed companies using insider Benpos data and ₹350 crore from betting proceeds.
  • ₹7 lakh in cash was seized from Pitti's residence during an April raid, which the ED suspects could be proceeds of crime, though Pitti claims it is part of declared family cash holdings.
  • Digital evidence from an accused's laptop reportedly identifies Pitti as an agent for Sky Exchange, but he has denied all allegations and awaits adjudication.