We are an innovative skill-based platform: Probo on ED raids
Describing itself as “India’s leading information marketplace,” Probo positions its platform as a skill-based opinion-trading product aimed at democratizing access to wealth creation for over 4.2 crore users.
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Probo in response to enforcement action by the Directorate of Enforcement (ED) has asserted that it is fully cooperating with authorities while reaffirming its commitment to legal compliance and responsible innovation.
In an official statement, Probo said, “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.”
The ED conducted search operations at four of the company’s premises in Haryana on July 8 and 9, targeting alleged illegal gambling activity under the Prevention of Money Laundering Act (PMLA), 2002.
Describing itself as “India’s leading information marketplace,” Probo positions its platform as a skill-based opinion-trading product aimed at democratizing access to wealth creation for over 4.2 crore users. The company emphasized that user trust and safety remain paramount and that it follows all applicable laws and regulations.
"Probo is an innovative skill-based platform. It provides India’s leading information marketplace that democratises the trading. With over 4.2 crore users, Probo has ensured better access to wealth creation that traditional financial markets have not been able to provide to the general public," Probo spokesperson stated.
Based on multiple FIRs registered across Haryana and Uttar Pradesh, officials claim that Probo’s app and website functioned more like a gambling platform than a skill-based exchange. The agency also flagged content on the platform related to opinion-based betting on sensitive topics such as election results, along with a lack of safeguards to prevent minors from accessing the service.
Financial scrutiny has also intensified, with the ED reporting that Probo raised Rs 134.84 crore through foreign investments routed via Mauritius and the Cayman Islands. Officials are investigating whether these transactions violate foreign direct investment (FDI) norms and point toward potential round-tripping.
In its enforcement action, the ED seized digital evidence and froze assets worth Rs 284.5 crore, including fixed deposits, shares, and three bank lockers.
