Opinion trading under fire: ED raids offices of Probo, seizes ₹284.5 crore worth assets
ED's probe findings suggest the games operated more as binary betting mechanisms, allowing users to place money on simple “yes or no” outcomes, with success entirely driven by chance.
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The Directorate of Enforcement (ED) has launched a crackdown on alleged illegal gambling operations linked to M/s Probo Media Technologies Pvt. Ltd., conducting extensive search operations on July 8 and 9 at four premises in Gurugram and Jind, Haryana. The action was taken under provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The ED’s investigation targets the company's promoters, Sachin Subhaschandra Gupta and Ashish Garg, and follows multiple FIRs registered in Gurugram, Palwal (Haryana), and Agra (Uttar Pradesh) under various sections of the Bharatiya Nyaya Sanhita (BNS), 2023 and the Public Gambling Act, 1867.
According to officials, the company operated an app and website under the brand “Probo,” which presented itself as a skill-based opinion-trading platform. However, ED's probe findings suggest the games operated more as binary betting mechanisms, allowing users to place money on simple “yes or no” outcomes, with success entirely driven by chance.
“The platform lured users with the promise of easy income and misrepresented itself as a legitimate knowledge-based product,” said an ED official. “In reality, it mimicked gambling operations while avoiding necessary due diligence measures such as age verification and proper KYC protocols.”
The agency also flagged concerns over content promoting opinion-based betting on sensitive topics such as election outcomes. Alarmingly, the platform reportedly lacked mechanisms to prevent minors from registering.
In a major financial finding, the company is said to have raised ₹134.84 crore through issuance of preference shares to foreign entities based in Mauritius and the Cayman Islands, raising red flags over suspected round-tripping and FDI compliance.
The ED's search resulted in the seizure of incriminating documents and digital evidence. Assets worth ₹284.5 crore—held in fixed deposits and shares—have been frozen, alongside three bank lockers.
Investigations are ongoing to trace the end-use of funds and determine possible violations under India’s foreign exchange and anti-money laundering laws.
Probo declined to comment on the matter.
