EaseMyTrip denies allegations against founder Pitti in Mahadev betting case

Travel booking platform EaseMyTrip on Wednesday denied allegations against its founder and chairman Nishant Pitti in the Mahadev app betting case, terming the claims "entirely baseless, misleading, and devoid of factual merit".

Pitti has reportedly been accused of colluding with a network of operators who allegedly used proceeds from the illegal betting operation to manipulate the stock prices of 25 listed companies, purportedly in connivance with their promoters.

The Enforcement Directorate in April searched the premises of Pitti as part of fresh multi-state raids in the Mahadev online betting app-linked money laundering case. 

The raids covered 55 locations including Delhi, Mumbai, Chandigarh, Ahmedabad, Indore, Jaipur, Chennai and Sambalpur in Odisha.

"We categorically and unequivocally deny the allegations reported in connection with our Founder and Chairman, Nishant Pitti, concerning the so-called Mahadev app betting case. These claims are entirely baseless, misleading, and devoid of factual merit," EaseMyTrip said in a statement.

Pitti has had no involvement, direct or indirect, with any illegal betting operations or entities related to the Mahadev app, it added. Clarifying further, EaseMyTrip claimed that "two entities" independently purchased EaseMyTrip shares through the open market in May 2021.

"Dividends of around Rs 5 lakh were paid to them in the normal course in December 2021, as per shareholder rights. There has been no other transaction or association with these entities," EaseMyTrip stated.

EaseMyTrip shares dropped by 3.99 per cent to Rs 11.07 apiece on BSE on Wednesday.