Indian CEO Under Scrutiny Amidst Mahadev Betting App Investigation

This newest development aligns with the Indian government’s ongoing efforts to crack down on dangerous black market gambling companies, often associated with money launderingImage Source: Shutterstock.com

Nishant Pitti, co-founder and CEO of travel company EaseMyTrip, is in hot water as India’sEnforcement Directorate(ED) delves deeper into the sprawling Mahadev betting app case. According to filings submitted with the Adjudicating Authority under thePrevention of Money Laundering Act(PMLA), Pitti allegedly was aware of Sky Exchange, a shadow betting platform linked to the Mahadev network.

Authorities Suspect Connections with Criminal Networks

The ED alleges Pitti’s travel company was instrumental in facilitating transactionstied to the illegal betting operation. According to investigators, EaseMyTrip had multiple financial transactions with two suspected shell companies,Nischay Trading Pvt Ltdand Silvertoss Shoppers Pvt Ltd, which are reportedly part of the Sky Exchange ecosystem. Authorities believe the 2021 payments could be part of a larger money laundering scheme.

An April raid at Pitti’s residence uncovered ₹7 lakh($8,200) in cash. The agency believes the sum could be connected to potential criminal activity. While the sum is not enormous on its own, the ED noted it could not rule out possible connections to the illegal operation, especially given the timing and contextof the ongoing probe.

The ED’s case hinges on data retrieved from a laptop linked toPrashant Bagri, an alleged operator within the Mahadev network. According to authorities, the information lists Pitti as an “agent” for Sky Exchange, showing communication logs referencing EaseMyTrip.The ED also alleges Pitti usedillicit gainsfrom the Mahadev betting network to manipulate the stock pricesof up to 25 publicly listed companies.

Pitti Faces No Formal Charges

Pitti has vehemently rejected the accusations levied against him. In an interview with The Economic Times, he dismissed the allegations as baseless, adding that his company had not dealt with the named firms since 2017. He also commented on the cash seizure, noting that all of his financial dealings werefully transparent.

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.

Nishant Pitti, EaseMyTrip co-founder and CEO

The Mahadev betting case remains one of the most significant gambling bustsin recent history. The Dubai-based operator ran a sprawling operation, usingcunning workaroundsto offerunauthorized betting servicesto Indian customers. The group’s estimated illegal gambling revenues exceed₹15,000 crore($1.75m). Mahadev’s alleged kingpin, Saurabh Chandrakar, was arrested in Dubai in late 2024, marking a crushing blow to the organization.

While Pitti has not been charged or arrested, Pitti is now a formal respondent in the case of the ED. Legal experts note that he could suffer asset attachments, further summons, and possible court proceedingsdepending on the resultsof the ongoing investigation. While it remains to be seen whether the ED’s claims stand, this newest development underscores India’s continued crackdown on all entities associated with illegal betting firms.