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ED Cracks Down on Gurugram Startup Probo in ₹284.5 Crore Betting Probe

On July 8–9, ED officials conducted raids at 4 key locations in Gurugram & Jind, Haryana. The operation led to the freezing of assets worth ₹284.5 Cr.


The Enforcement Directorate (ED) has initiated a sweeping crackdown on Probo Media Technologies Pvt. Ltd., a Gurugram-based startup behind the popular opinion trading app “Probo,” amid mounting allegations of illegal betting and money laundering.

Raids & Frozen Assets

On July 8–9, ED officials conducted raids at four key locations in Gurugram and Jind, Haryana. The operation led to the freezing of assets worth ₹284.5 crore, which included fixed deposits, shares, and contents of three bank lockers. Investigators also flagged foreign funding amounting to ₹134.84 crore, allegedly routed through entities based in Mauritius and the Cayman Islands.

Controversial ‘Opinion Trading’ Model

Probo operates as a platform where users speculate on real-world outcomes—such as political events or sporting results—by answering simple binary questions (yes or no). Although marketed as a skill-based opinion exchange, the ED asserts the model mirrors conventional gambling, lacking safeguards or clarity in outcomes.

Regulatory Red Flags

According to ED findings, the platform:
  • Permitted signups without age verification, raising concerns about minors accessing betting content
  • Skirted proper KYC (Know Your Customer) protocols. 
  • Ran misleading advertisements that allegedly promoted addictive behavior. 
  • Potentially violated foreign exchange laws under FEMA provisions

Probo Responds

In response to the probe, the company stated it is fully cooperating with authorities and maintains that it has complied with all applicable legal frameworks. It emphasized the “skill-based” nature of its service, distancing itself from traditional gambling operations.

In a mail to Indianweb2.com, Probo Media Technologies' official statement reads:
As India's leading opinion trading platform serving 4.2 crore users, we want to reassure all stakeholders that we are cooperating fully with authorities and remain committed to operating with complete transparency and compliance.

NDTV broke the story on July 9 at 10:54 PM IST, reporting the raids and financial freezes. Subsequent coverage by Business Standard, Livemint, and Economic Times provided deeper analysis on fintech implications and regulatory trends.

What’s at Stake

With the rise of prediction markets and decentralized gaming platforms, this case could have far-reaching implications for how India classifies and regulates tech-driven “betting-like” models. It also shines a spotlight on foreign investments in emerging tech startups and the need for clearer compliance protocols.
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