Gurugram: The ED (Enforcement Directorate), has launched a major crackdown on Gurugram-based Probo Media Technologies, the parent company of the opinion trading app “Probo”. Acting under the Prevention of Money Laundering Act (PMLA), ED conducted raids on July 8 and 9 across four sites in Gurugram and Jind, Haryana.
The raids targeted premises linked to Probo’s founders, Ashish Garg and Sachin Subhaschandra Gupta. As part of the operation, the ED froze shares and fixed deposits worth Rs 284.5 crore (about $34 million) and sealed three bank lockers tied to the company.
Skill Platform or Gambling?
The ED’s action follows several FIRs filed in Gurugram, Palwal, and Agra. Complainants claimed they were misled into using what was advertised as a skill-based gaming platform but which functioned like a betting service. The app offered binary prediction-based activities, such as forecasting the outcomes of elections or cricket matches, using simple “Yes” or “No” options.
Investigators concluded that these outcomes were not based on skill but rather on pure chance, making them similar to gambling. “The platform disguises itself as legal but exploits users by leaving results entirely to luck,” the ED noted in its official statement.
Funds and Red Flags
The ED also flagged suspicious foreign investments. Probo reportedly raised Rs 134.84 crore from foreign entities based in locations like Mauritius and the Cayman Islands. These offshore links raise concerns about the source and intent of the funding.
Further, Probo is said to have neglected regulatory responsibilities. The platform reportedly allowed minors to register, failed to conduct proper Know Your Customer (KYC) checks, and ran misleading advertisements, including some related to political events.
What is Probo
Probo, founded in 2019 by Garg and Gupta, is known as an “opinion trading” app. It allows users to bet on binary outcomes of real-world events. The company had raised $24 million in funding from investors such as Peak XV Partners (formerly Sequoia India), Elevation Capital, and MK Ventures. According to Tracxn, it earned Rs 490 crore in revenue in FY2024 and had 88 employees as of May 2025.
Authorities seized Probo’s digital records and business documents during the raids. Investigations are ongoing, with more details expected to emerge in the coming weeks as the ED digs deeper into the company’s structure and operations.
