ED cracks down on gaming platform Probo in illegal betting probe; assets worth Rs 284.5 frozen – The Economic Times

The Enforcement Directorate (ED) conducted search operations on July 8 and 9 at four premises linked to skill gaming platform Probo, in Gurugram and other parts of Haryana over allegations of illegal gambling and money laundering. Authorities have frozen investments in fixed deposits and shares amounting to Rs 284.5 crore, and the contents of three bank lockers.

Probo Media Technologies operates the Probo online gaming app and website, and has been under the scanner of both investigative and judicial authorities for violating provisions of the Prevention of Money Laundering Act (PMLA).

The company has raised $24 million across three funding rounds so far. Its backers include Peak XV Partners, Elevation Capital and MK Venture Partners, according to data from Tracxn. The parent company had clocked revenue of $57.3 million, or Rs 490 crore, in FY24.

Probo Media Technologies was founded in 2019 by Ashish Garg and Sachin Subhashchandra Gupta, who is also the CEO. The company employed 88 people as of May 2025.

The ED had initiated the investigation following multiple FIRs filed in Gurugram and Palwal in Haryana, and Agra in Uttar Pradesh. The complainants alleged they were cheated by a scheme promising easy money through simple “yes or no” response questions, luring users to invest more with the promise of higher returns. The scheme, they claim, was actually a front for gambling.

The investigative agency found that the Probo app and website allegedly misled users by initially promoting the company as a legitimate, skill-based platform. However, a deeper probe showed that the underlying mechanism was a betting system, where success was entirely based on chance, not user abilities or insights.

The company claims to be an ‘opinion trading’ platform and says knowledge or skill is required to play the game. An analysis of the games showed that all outcomes were binary (“Yes or No”).

This comes after market watchdog Securities and Exchange Board of India (Sebi) warned investors against opinion trading platforms in a circular issued in April. The regulator noted that opinion trading does not fall within its regulatory purview, as what is traded is not a security.

“Since none of the platforms providing opinion trading can qualify to be recognized stock exchange, and are neither registered or regulated by Sebi, any trading of securities on them is illegal (in case some of the opinions traded qualify as security),” it said in a release.

The ED also found operational irregularities, and stated that the website had no measures to prevent minors from registering, suffered from a lack of proper Know Your Customer (KYC) procedures, and was using misleading advertisements to lure users.

Probo Media Technologies was also found to have received Rs 134.84 crore from foreign entities based in Mauritius, the Cayman Islands, and other locations through the issuance of preference shares.