EaseMyTrip CEO Denies ED Allegations In Mahadev Betting Scam Probe
It is ED's case that Pitti was aware of the Mahadev app's illegal links and facilitated financial transactions through two shell companies.
The Enforcement Directorate is investigating EaseMyTrip Chief Executive Officer Nishant Pitti for his alleged involvement in the Mahadev betting app scam, but he denied any wrongdoing while speaking to NDTV Profit.
As per several news reports that came out today, it is ED's case that Pitti was aware of the Mahadev app's illegal links and facilitated financial transactions through two shell companies. The agency has further alleged that these entities used proceeds from unlawful betting operations to manipulate the stock prices of several listed firms.
In his response, Pitti stated that in May 2021, both companies independently purchased EaseMyTrip shares from the open market.
Later, in December 2021, EMT paid dividends amounting to Rs 3 lakh to one company and Rs 5.38 lakh to the other, in accordance with shareholder entitlements. Pitti has maintained that there were no other financial or business dealings between EMT and the two entities in question.
The ED’s probe forms part of a wider investigation into the Mahadev app.
As reported previously, in April, the ED searched the premises of EaseMyTrip's founder Pitti. As part of an ongoing crackdown in the Mahadev online betting app money laundering probe, enforcement teams carried out a fresh round of raids across multiple states.
Around 55 locations were searched, spanning major cities such as Delhi, Mumbai, Chandigarh, Ahmedabad, Indore, Jaipur, Chennai, and Sambalpur in Odisha.
