On 9 July, the Enforcement Directorate (ED) said that it had begun a significant crackdown on the illicit online betting site “Probo,” carrying out search operations on July 8 and 9 throughout its four Haryana locations.
The online platform “Probo” was created by Probo Media Technologies Pvt. Ltd., and its promoters, Sachin Subhaschandra Gupta and Ashish Garg, were the targets of searches conducted in Gurgaon and Jind under the Prevention of Money Laundering Act (PMLA).
According to the study, international companies with headquarters in Mauritius, the Cayman Islands, and other offshore locations have contributed INR 134.84 crores in equity to Probo.
ED’s Action After Various FIRs Filled Against the Firm
Following several First Information Reports (FIR) filed in Gurugram, Palwal (Haryana), and Agra, the ED started action against Probo for allegedly deceiving customers with promises of making money through “yes or no” questions.
The FIRs claim that what seemed to be a respectable skill-based game was actually a type of betting that encouraged compulsive gambling behaviours under the pretext of opinion trading on subjects like election outcomes.
The ED confiscated a number of digital records and damning documents, frozen investments totalling INR 284.5 crore in shares and fixed deposits, and three bank lockers that belonged to the accused.
The FIRs said that Probo shunned Know Your Customer (KYC) authentication and lacked security measures to stop children from using the software. In order to entice new members, it also featured deceptive ads that advertised betting under the pretext of “opinion trading.”
According to the ED’s inquiry, the games on Probo were completely based on chance and had a framework that was exactly the same as gambling: binary “yes/no” questions with just two possible answers.
What is Probo?
Probo, an event trading website founded in 2019 by Gupta and Garg, enables users to exchange their thoughts about upcoming events in a variety of fields, including politics, cricket, and finance.
Supported by well-known companies like Elevation Capital and Peak XV Partners, Probo has apparently garnered over $28 million in funding so far. Probo’s action follows the Haryana government’s notification of the Prevention of Public Gambling Act, 2025, which aims to deter and punish public gambling as well as sports and election betting.
The company’s sales increased by 5.4 times to INR 459 crore from INR 86 crore in FY23 during the fiscal year that ended in March 2024.
In the meantime, the company’s FY24 profits shot up to INR 92 crore. The business has not yet submitted its FY25 financial statements.
Probo Responds to ED Action
In response to the Enforcement Directorate’s ongoing investigation, Probo Media Technologies Pvt. Ltd. has issued a formal statement asserting its cooperation with authorities and reaffirming its compliance with Indian laws.
The company stated that it operates as a skill-based information marketplace aimed at democratising event-based trading in India. Probo emphasised that it serves over 4.2 crore users and aims to democratise access to information-driven trading, which it claims offers financial opportunities not available through traditional markets.
“In light of recent developments, we would like to assure all stakeholders and the public that Probo is cooperating with law enforcement authorities in the ongoing inquiries,” the company said in an official statement. “We remain confident that our commitment to compliance and innovation will help us emerge stronger through this process.”
Probo also expressed its trust in India’s regulatory framework and stated that user safety and regulatory adherence remain top priorities. The company added that it will continue to share updates as appropriate.
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