SC refuses to De-freeze ₹100 Cr account of opinion trading platform Probo

Opinion trading platform Probo Media Technologies Private Limited has suffered another legal setback, with the Supreme Court refusing to entertain its plea to de-freeze a bank account containing over ₹100 crore. The account was frozen by Haryana Police following allegations of gambling and cheating against the company and its directors.

The freezing order stems from a First Information Report (FIR) filed on March 25, 2025, at Sector 50 Police Station in Gurugram, based on a complaint by local resident Abhishek Jain. Jain claims he lost approximately ₹20,000 on the Probo app, which allows users to place wagers on the outcomes of various real-world events with "Yes" or "No" answers. According to the complaint, users are “lured and induced into gambling and betting” under the pretense of opinion trading.

In the Supreme Court, senior advocate Mukul Rohatgi, representing Probo, argued that freezing the company's entire bank account due to a ₹20,000 transaction was a disproportionate response. He added that the freeze had brought Probo’s business operations to a standstill.

However, a Supreme Court bench comprising Justices Prashant Kumar Mishra and Augustine George Masih noted that, although the alleged offence was minor, the case was already under review by the High Court. The bench advised the company to approach the High Court’s vacation bench for earlier relief before the July hearing.

The FIR has invoked Section 13 of the Public Gambling Act, 1867, and Section 318(4) of the Bharatiya Nyaya Sanhita, which pertains to cheating and dishonest delivery of property. Named in the complaint are Probo directors Ashish Garg, Sachin Subashchandra Gupta, and Shweta Sharma.

Opinion trading platforms SportsBaazi, Probo and TradeX were first banned in Chhattisgarh. It was later prohibited in Haryana. Multiple platforms including MPL Opinio, SportsBaazi and TradeX were forced to shut down their operations in the state.

Probo had earlier approached the Punjab and Haryana High Court, seeking to quash the FIR and requesting interim protection. Despite hearing the matter on May 22, 2025, Justice Sukhvinder Kaur declined to offer any stay or interim relief, instead issuing a notice to the Haryana government and scheduling the next hearing for July 15, 2025.

This is not the first time Probo has faced regulatory action. In January 2025, Rajasthan Police directed Yes Bank to block transactions linked to the platform after a complaint of fraud involving ₹5,000 was registered at Jyoti Nagar Police Station.

Advocate Prateek Kasliwal had raised broader concerns about such platforms. “These apps allow users to bet on everything from political events to asset prices,” he said. “Similar platforms are banned in countries like Singapore, the UK, and Taiwan due to concerns over gambling laws and risks of electoral interference.”

Kasliwal had also warned that the current cases might only scratch the surface of a larger issue. “Many such platforms operate in regulatory grey areas, and they could be putting millions of users at financial risk,” he added.

Earlier, the Securities and Exchange Board of India (SEBI) has issued a public advisory warning investors against engaging with Opinion Trading Platforms. These platforms, according to SEBI, allow users to enter into arrangements where payouts are determined by the outcome of a yes/no proposition—essentially betting on the occurrence or non-occurrence of future events.

SEBI emphasized that such platforms often mimic legitimate investment avenues by using financial market terminology like "profits," "stop loss," and "trading," which may mislead users into believing they are participating in regulated securities markets.

In its official statement, SEBI clarified that these platforms generally do not fall under its regulatory purview as the underlying activity does not involve trading in securities. Consequently, no investor protection mechanisms applicable to securities markets would cover transactions made on these platforms.

The regulator further noted that since these platforms are neither recognized stock exchanges nor registered with SEBI, any trading of securities—if it occurs on these platforms—would be considered illegal. In such cases, both the platforms and their participants may face regulatory action.

Storyboard18 reached out to Probo for a comment, they have declined to share an official statement.