Key points:
- Nishant Pitti is under investigation for his alleged involvement with Sky Exchange, an illegal betting platform connected to the Mahadev app scam
- The Enforcement Directorate (ED) suspects EaseMyTrip made payments to shell companies tied to the betting operation and that stock prices were manipulated using illicit funds
According to reports, Nishant Pitti, EaseMyTrip CEO, is under investigation by the Enforcement Directorate (ED) in connection with the Mahadev betting app scam.
The investigation focuses on alleged links between Pitti and Sky Exchange, an illegal betting platform connected to the Mahadev app. The ED claims Pitti was aware of these activities and that his company made payments to two shell firms linked to the betting operation.
Shell companies are businesses that exist only on paper and are often used to hide the movement of money. During a raid in April, the ED seized ₹7 lakh ($8,000) in cash from Pitti’s residence, which the agency suspects could be proceeds of crime connected to the betting scam.
The probe also alleges Pitti was in contact with operators who manipulated the stock prices of 25 publicly traded companies. Using confidential beneficial shareholding information, promoters are said to have exploited insider knowledge to influence market trading illegally.
Good to know: These allegations form part of an ongoing investigation and are yet to be proven in court
Nishant Pitti is now a respondent before the Adjudicating Authority under the Prevention of Money Laundering Act (PMLA). The ED is holding seized assets during ongoing investigations.
Data recovered from a key accused’s laptop lists Pitti as an agent for Sky Exchange and shows transactions from EaseMyTrip to two shell companies in 2021.
Pitti stated: “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."
