ED Seizes Rs 284.5 Crore from Probo, Investigates Alleged Illegal Betting
Probo, a skill gaming platform, faces severe allegations. The Enforcement Directorate (ED) has seized assets worth Rs 284.5 crore and launched investigations into its alleged unregulated betting scheme. Probo Media Technologies Pvt. Ltd., the parent company, maintains it cooperates with authorities and upholds compliance standards.
Probo, founded in 2019 by Ashish Garg and Sachin Subhaschandra Gupta, raised $24 million. However, it lacked adequate safeguards to prevent minors from registering and failed KYC checks. The ED concluded that Probo's games were based on chance, not skill, making them indistinguishable from gambling.
Multiple FIRs allege Probo lured users into an illegitimate betting scheme. The ED has seized digital records and is conducting further investigations. Probo Media Technologies raised ₹134.84 crore from foreign entities based in Mauritius and other offshore jurisdictions. Despite this, there's no public information about the specific foreign investors or their tax havens.
Indian financial crime investigators have taken enforcement action against Probo Media Technologies for illegal betting and money laundering. Probo's spokesperson maintains cooperation with authorities and high compliance standards. Further investigations are ongoing.
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