ED raids Probo, freezes assets worth Rs 284.5 crore in illegal betting probe

New Delhi: The Enforcement Directorate (ED) has launched a crackdown on Probo Media Technologies, a Haryana-based company operating the online platform "Probo," freezing assets worth over Rs 284.5 crore in a probe linked to alleged illegal gambling and money laundering activities. 

The raids, conducted on July 8 and 9, 2025, targeted four premises in Gurugram and Jind, Haryana, including locations connected to the company’s promoters, Sachin Subhaschandra Gupta and Ashish Garg.

The ED initiated the investigation based on multiple First Information Reports (FIRs) filed under the Bharatiya Nyaya Sanhita (BNS), 2023, and the Public Gambling Act, 1867, in Gurugram, Palwal (Haryana), and Agra (Uttar Pradesh). 

The agency alleged that Probo, marketed as a skill-based "opinion trading" platform, was engaging in illegal betting by luring users with deceptive schemes. 

Investigations revealed that the platform’s games operated on a binary "yes or no" format, driven entirely by chance, resembling gambling rather than skill-based trading. 

The app also reportedly lacked safeguards to prevent minors from participating and skipped mandatory Know Your Customer (KYC) verification, while promoting misleading advertisements to attract users.

During the searches conducted under the Prevention of Money Laundering Act (PMLA), 2002, the ED seized incriminating documents and digital data. Assets frozen include fixed deposits and shares worth Rs 284.5 crore, along with three bank lockers. 

The agency also uncovered that Probo received Rs 134.84 crore through the issuance of preference shares from foreign entities based in Mauritius, the Cayman Islands, and other jurisdictions, raising concerns about potential violations of India’s foreign exchange laws.

According to ED sources, the platform defrauded users by initially presenting itself as a legitimate skill-based platform, only to exploit them through a betting mechanism governed by chance. The investigation is ongoing to trace the end-use of funds and determine further violations under anti-money laundering and foreign exchange regulations.

In a statement, a Probo spokesperson said, "We would like to assure all stakeholders and the public that Probo is cooperating with law enforcement authorities in the ongoing inquiries. As pioneers of a nascent-yet-transformative technology in India's digital landscape, 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."

It added, "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."