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Gurugram-based gaming startup Probo in illegal betting probe
The Enforcement Directorate (ED) raided Gurugram-based gaming startup Probo on July 8 and 9 at four premises and seized investments in fixed deposits and shares amounting to Rs 284.5 crore, and the contents of three bank lockers.
Following this, the company has issued a public statement addressing the developments.
“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,” a spokesperson said.
Highlighting its “nascent-yet-transformative” technology and stressing its belief in India’s regulatory ecosystem, the spokesperson added: “We remain confident that our commitment to compliance and innovation will help us emerge stronger. We have complete faith in India's robust regulatory framework and its vision for responsible tech innovation.”
About Probo
Gaming platform Probo Media Technologies was founded in 2019 by Ashish Garg and Sachin Subhashchandra Gupta. The startup employed 88 people as of May 2025.
The ED had initiated the investigation following multiple FIRs filed in Gurugram and Palwal, Haryana, and Agra, Uttar Pradesh.
The complainants alleged they were cheated by a scheme from Probo, which promised easy money through simple "yes or no" response questions, luring users to invest more with the promise of higher returns. The scheme, as it seems, was a kind of gambling.
Probo claims to operate a skill-based platform and India's leading information marketplace. It shared metrics on its user base and reach.
According to the statement, over 4.2 crore users have accessed the online platform, which the startup says offers wealth creation opportunities beyond traditional financial systems.
"Since none of the platforms providing opinion trading can qualify to be recognised stock exchange, and are neither registered or regulated by Sebi, any trading of securities on them is illegal (in case some of the opinions traded qualify as security)," the company said in a release.
The ED has found operational irregularities and stated that the website had no measures to prevent minors from registering, suffered from a lack of proper Know Your Customer (KYC) procedures, and was using misleading advertisements to lure users.
ED also found that Probo Media Technologies received Rs 134.84 crore from foreign entities based in Mauritius, the Cayman Islands, and other locations through the issuance of preference shares.