The Directorate of Enforcement (ED), the law enforcement and economic intelligence agency of India, has expanded its probe into the Mahadev Online Book betting scam, bringing high-profile names under scrutiny. Nishant Pitti, CEO of listed travel company Easy Trip Planners Ltd (EaseMyTrip), has been named in investigations related to alleged money laundering, stock manipulation, and connections to the illegal betting platform Sky Exchange.
Pitti accused of links to Sky Exchange
According to an Economic Times report, the ED has raised four key allegations against Pitti. First, he is accused of being aware of the illegal operations of Sky Exchange, a betting platform linked to the Mahadev app network. Second, Easy Trip Planners allegedly made payments to two shell companies—Nischay Trading Pvt Ltd and Silvertoss Shoppers Pvt Ltd—which the ED says are linked to Sky Exchange and used to route illicit funds.
The third allegation involves the seizure of ₹7 lakh ($8,197) from Pitti’s residence during searches in April. The agency suspects the money could be proceeds of crime and linked to Sky Exchange’s betting operations. Lastly, Pitti is alleged to have communicated with an operator involved in stock price manipulation through early access to Benpos (beneficial ownership) data, which is typically confidential before quarterly filings.
Stock manipulation and alleged shell firms
The ED claims the betting network used illegal proceeds—estimated at ₹350 crore—to influence stock prices of 25 publicly traded companies. Promoters of these firms were reportedly in contact with individuals involved in the scam. The agency states that Pitti’s name appeared in digital evidence recovered from the laptop of Prashant Bagri, an associate of a key accused, who allegedly referred to Pitti as an “agent” for Sky Exchange.
Bagri also reportedly told investigators that he regularly discussed Easy Trip’s Benpos data with Pitti. These allegations, if proven, could indicate a wider conspiracy involving insider trading and misuse of investor information.
Pitti has denied all claims. He said, “I don’t know this individual, and we haven’t made any payments to these companies since 2017. I’m hearing about them for the first time.” He added that the cash seized is part of his family’s declared wealth, stating, “With over ₹1,000 crore declared in IT returns and more than ₹70 lakh in declared reserves, the ₹7 lakh is negligible.”
Bhupesh Baghel linked to Mahadev betting case
Meanwhile, the Central Bureau of Investigation (CBI) has taken over an FIR originally filed by the Economic Offences Wing in Chhattisgarh, naming former Chief Minister Bhupesh Baghel among the accused. The FIR includes charges under the Indian Penal Code, Chhattisgarh Gambling (Prohibition) Act, and the Public Gambling Act.
The ED’s findings, which form the basis of the FIR, allege that Baghel was named by Mahadev Online Book promoters as a beneficiary of illegal funds. A recorded statement by a suspected cash courier, Asim Das, claimed that ₹5.39 crore seized in 2023 was intended for Baghel.
The CBI raided Baghel’s residence twice, most recently on 26 March, and seized three mobile phones. Baghel has strongly denied the allegations, calling the investigation politically motivated. He stated that his government took firm action against Mahadev Online Book, resulting in several FIRs, arrests, and frozen accounts. He also questioned why the main accused—Sourabh Chandrakar and Ravi Uppal—have not been arrested despite lookout notices.
