ED raids opinion trading platform Probo, seizes assets worth Rs 284 Cr

The Enforcement Directorate (ED) has conducted searches at the offices of opinion-trading platform Probo in Gurugram and Jind, seizing assets worth Rs 284.5 crore. The agency is probing the company under the Prevention of Money Laundering Act (PMLA), alleging its operations violated public gambling laws.

The action follows mounting scrutiny of Probo's operations, which are now under the scanner of both investigative and judicial bodies. The ED claims that Probo enabled users to place bets on binary outcome events, under the pretext of “opinion trading”, in a manner akin to online gambling. 

According to ED, various incriminating documents and digital data were found and seized. The raids were based on FIRs registered in Gurugram, Palwal, and Agra under the Public Gambling Act and relevant provisions of the Bharatiya Nyaya Sanhita.

While the financial investigation is ongoing, Probo is also facing a legal case in the Haryana High Court. A Public Interest Litigation (PIL) has been filed, requesting a ban on apps like Probo, which are accused of operating betting platforms while calling themselves tech startups. In response, the Haryana government introduced a new law, the Prevention of Gambling Act, 2025, to control such platforms. However, the law has sparked debate in the gaming industry, with many questioning if it’s too broad and whether it’s even constitutional.

"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," said a Probo spokesperson.

"We reiterate that Probo adheres to all applicable laws and regulations and maintains the highest standards of compliance. User safety and trust remain our top priorities. We sincerely appreciate the continued support of our community and will provide updates as appropriate," the spokesperson added.

Probo has raised around $28 million across several rounds. According to the startup data intelligence platform TheKredible, Peak XV is the largest external stakeholder, with 21.72%, followed by Elevation Capital and The Fundamentum Partnership.

During the fiscal year ended March 2024, the company recorded 5.4X growth in its revenue to Rs 459 crore from Rs 86 crore in FY23. Meanwhile, the profits of the company soared to Rs 92 crore in FY24. The company has yet to file its FY25 numbers.