ED raids opinion trading platform Probo in Haryana over alleged illegal gambling, money laundering

Indian financial crime investigators have launched a sweeping enforcement action against Gurugram-based Probo Media Technologies Pvt. Ltd., the parent company of the skill gaming platform "Probo," over allegations of illegal betting and money laundering.

Acting under the Prevention of Money Laundering Act (PMLA), the Enforcement Directorate (ED) conducted search operations at four locations in Gurugram and Jind, Haryana, on July 8 and 9. The raids targeted four premises related to the company and its founders, Ashish Garg and Sachin Subhaschandra Gupta. Authorities said they froze fixed deposits, shares worth Rs 284.5 crore (approximately $34 million), and sealed three bank lockers connected to the company.

The ED's action follows multiple First Information Reports (FIRs) filed in Haryana’s Gurugram and Palwal districts and in Agra, Uttar Pradesh. Complainants allege they were lured into what appeared to be a legitimate, skill-based gaming platform, but which functioned more like an unregulated betting scheme based on binary outcomes, typically yes/no predictions on real-world events such as elections or cricket matches.

According to the ED, Probo was initially presented as an “opinion trading” platform requiring user knowledge and skill. However, investigators concluded that outcomes on the app and website were determined by chance rather than competence, making them indistinguishable from gambling. All games reportedly had only two possible answers: “Yes” or “No.”

“The app defrauds users by promoting a deceptive image of a legitimate platform, only to exploit them through a mechanism where success is governed entirely by chance,” the ED said in a statement.

Investigators also uncovered structural irregularities in Probo’s operations. The company allegedly lacked adequate safeguards to prevent minors from registering, failed to implement proper Know Your Customer (KYC) checks, and used misleading advertisements, some promoting political and election-related opinion trading.

In a further layer of concern, Probo Media Technologies is said to have raised ₹134.84 crore through preference share issuances from foreign entities based in Mauritius, the Cayman Islands and other offshore jurisdictions, raising red flags about the origin and use of these funds.

Founded in 2019 by Garg and Gupta, Probo Media Technologies has raised $24 million across three funding rounds, with prominent backers including Peak XV Partners (formerly Sequoia Capital India), Elevation Capital and MK Venture Partners, according to Tracxn data. The company posted revenue of Rs 490 crore ($57.3 million) in FY2024 and employed 88 people as of May 2025.

The ED has seized digital records and documents from Probo and said further investigations are underway.

Probo's response

In response to the report, Probo's spokesperson, in a statement, said that the company is cooperating with law enforcement authorities in the ongoing inquiries.

"...we remain confident that our commitment to compliance and innovation will help us emerge stronger through this process. We have complete faith in India's robust regulatory framework and its vision for responsible tech innovation...We reiterate that Probo adheres to all applicable laws and regulations and maintains the highest standards of compliance. User safety and trust remain our top priorities. We sincerely appreciate the continued support of our community and will provide updates as appropriate," the spokesperson added.