Probo to cooperate with Indian authority in $33M betting case
Opinion trading platform Probo has said it is fully cooperating with the Enforcement Directorate (ED), a law enforcement and economic intelligence agency of the Government of India, in an ongoing investigation linked to alleged illegal betting and money laundering. The company, which operates a popular mobile app and website, stated that it follows all applicable laws and maintains high compliance standards. This response comes after the ED conducted raids at multiple locations and froze assets worth over ₹284 crore ($33.17 million) as part of its probe.
Probo responds to ED action
Probo’s spokesperson replying to the matter said it is engaging transparently with authorities following the recent enforcement action.
The platform described itself as a pioneer in a “nascent-yet-transformative” digital space in India, expressing full confidence in the country’s regulatory framework. Spokesperson added, “We remain confident that our commitment to compliance and innovation will help us emerge stronger through this process.”
“We would like to assure all stakeholders and the public that Probo is cooperating with law enforcement authorities in the ongoing inquiries.”
– Spokesperson, Probo Media Technologies
Probo also stated that it prioritises user trust and safety, reaffirming that it operates within the boundaries of Indian law. The platform currently claims to have over 4.2 crore users.
ED alleges betting disguised as skill-based trading
On 9 July, the ED announced it had conducted searches at four premises connected to Probo Media Technologies Pvt Ltd the company behind the Probo app—in Gurugram and Jind, Haryana. The investigation alleges that the company engaged in online betting and gambling through a binary outcome system disguised as “opinion trading”.
, users were presented with simple yes/no questions across topics like sports and current events. The agency claims this structure makes the platform indistinguishable from gambling, where outcomes rely purely on chance rather than skill.
FIRs filed in Haryana and Uttar Pradesh
The money laundering case is based on several FIRs filed against Probo and its promoters—Sachin Subhaschandra Gupta and Ashish Garg—in Gurugram and Palwal (Haryana) and Agra (Uttar Pradesh). Complainants alleged they suffered financial losses after being misled by the platform’s binary prediction format.
“Investigation revealed that the app/ websites defrauds its users by initially promoting a deceptive image of a legitimate skill-based platform, only to ultimately exploit them through a betting mechanism where success is governed entirely by chance and not by the user’s abilities or insights.”
– Enforcement Directorate of India
The FIRs were registered under the Public Gambling Act and the Bharatiya Nyaya Sanhita, which replaced the Indian Penal Code. They accuse the company of dishonestly marketing the platform as a skill-based opportunity for financial gain.
Assets frozen, documents seized
As part of the probe, the ED froze fixed deposits and shares worth ₹284.50 crore. Authorities also secured access to three bank lockers linked to the company’s promoters. During the raids, officials seized digital devices, transaction records, and other financial documents that are currently under analysis.
The agency added that the model used by Probo encouraged users to invest more money with the promise of higher returns, which allegedly resulted in user losses.
Regulators sound the alarm
Regulatory scrutiny over opinion trading has intensified. The Securities and Exchange Board of India (SEBI) , calling them unregulated and outside the purview of investor protection laws. SEBI clarified that these are not registered exchanges or intermediaries, and any financial transaction on them may be considered illegal.
The Advertising Standards Council of India (ASCI) also weighed in. In its recent whitepaper titled “Examining Opinion Trading in India,” ASCI called for urgent regulatory clarity and stated that any future advertising for such platforms must include disclaimers. It added that misleading or questionable ads would be forwarded to the authorities.
