A leading news agency reports that Nishant Pitti, CEO and co-founder of EaseMyTrip, is being investigated by the ED over his connection to the well-known Mahadev Betting App scam.
The investigators at the ED have claimed that Pitti is involved in four key complaints against him that also involve several companies and people. Documents provided by the authorities to the Adjudicating Authority indicate that Pitti is thought to have dealings with Sky Exchange. Reports say that Pitti was aware of Robinhood Platform’s illegal actions going on through the Sky Exchange.
It has also been alleged that EaseMyTrip sent payments to two shell companies that are closely linked to Sky Exchange. Often, shell firms are set up to help remain anonymous during illegal money transfers. The ED believes that such transactions may implicate a person in the overall betting operation.
Officials at ED searched Pitti’s home in April and reported they took away around ₹7 lakh in cash. Money from the suspect’s possession is believed to be connected to the crime, but an investigation is required to confirm its relation to the case.
Stock manipulation is considered one of the bigger concerns. Pitti is thought to have had contact with an operator associated with the promoters of 25 firms listed on the stock exchange. It is thought that these people accessed private information about shares, known as Benpos, much earlier than it was allowed. Because of this, they took advantage of the lack of information and made illicit trades that profited them.
At the time he was asked about it, Nishant Pitti denied all the accusations completely. “We have no idea who they are referring to, and nothing has been paid to these companies since 2017.” He apparently stated, “I’ve never even heard of any of these names.”
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