Latest news with #Probo
Mint
3 days ago
- Business
- Mint
Illegal betting case: ED cracks down on gaming platform Probo, freezes assets worth ₹284 crore
The Enforcement Directorate on Wednesday said it has frozen fixed deposits and shares worth more than ₹ 284 crore belonging to a Haryana-based company, as part of a money laundering investigation linked to illegal online betting. The action was taken under the criminal sections of the Prevention of Money Laundering Act (PMLA) after the agency conducted searches for two days starting Tuesday at four premises in Gurugram and Jind in Haryana, belonging to the firm Probo Media Technologies Pvt. Ltd. and its promoters Sachin Subhaschandra Gupta and Ashish Garg, news agency PTI reported. The case pertains to alleged illegal online gambling, where complainants told police that they were "cheated" and "dishonestly" presented with a scheme of earning money through simple "yes or no" questions, while in reality, the scheme promotes "gambling" by luring players to invest more in the hope of earning higher returns. The investigation found that the app/website "defrauds" users by first presenting a misleading image of a genuine skill-based platform, but ultimately "exploits" them through a betting system where winning depends entirely on chance, not on the user's knowledge or abilities. According to the agency, the company described its platform as 'opinion trading', claiming that the game required knowledge and skill to play. "However, analysis of games shows that all the games can be answered with a 'Yes or No' and hence, there are only two possible outcomes, which makes it indistinguishable from gambling/betting, resulting in loss of hard-earned money of the users," the probe agency told PTI. The agency alleged that the app/website lacks any system to stop minors from signing up as users, does not carry out proper due diligence (KYC), and attracts new users with "misleading" advertisements while promoting opinion trading linked to election results. The Enforcement Directorate (ED) said the company had received ₹ 134.84 crore from foreign entities based in Mauritius, the Cayman Islands, and other locations, against the issue of 'preference shares'. "The searches resulted in seizure of incriminating documents and digital data. Investment in FDs and shares amounting to ₹ 284.5 crore and three bank lockers have been frozen during the searches," it added. 'Cooperating' in money laundering probe Online platform Probo on Thursday said it was "cooperating" with the Enforcement Directorate (ED). "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." "As pioneers of a nascent-yet-transformative technology in India's digital landscape, we remain confident that our commitment to compliance and innovation will help us emerge stronger through this process," a Probo spokesperson said in a statement to PTI.
India Gazette
3 days ago
- Business
- India Gazette
"Cooperating...will emerge stronger": Probo releases statement after ED searches on its premises
Gurugram (Haryana) [India], July 10 (ANI): Skill based opinion trading platform Probo on Thursday said that it was cooperating with law enforcement agencies after the Directorate of Enforcement conducted searches at its offices in Gurugram. a spokesperson for Probo Media Technologies Pvt. Ltd. said, '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. As pioneers of a nascent-yet-transformative technology in India's digital landscape, we remain confident that our commitment to compliance and innovation will help us emerge stronger through this process. We have complete faith in India's robust regulatory framework and its vision for responsible tech innovation.' 'Probo is an innovative skill-based platform. It provides India's leading information marketplace that democratises the trading. With over 4.2 crore users, Probo has ensured better access to wealth creation that traditional financial markets have not been able to provide to the general public,' the spokesperson added. '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 further added. Earlier in a statement the ED said that it had conducted search operations on July 7 and July 8 at four premises in Gurugram and Jind, Haryana related to the company and its promotors under the provisions of PMLA, 2002. The ED claimed that during the searches, various documents and digital data were found and seized. According to the company, Probo is an opinion trading platform that empowers individuals to express their data-backed insights on real-world events and earn rewards. Probo is backed by investors - Peak XV Partners (formerly Sequoia Capital), Elevation Capital and Fundamentum Partnership. (ANI)
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Business Standard
3 days ago
- Business
- Business Standard
ED cracks down on opinion trading platform Probo, freezes ₹284.5 crore
The Enforcement Directorate (ED) freezes ₹284.5 crore worth of assets in its crackdown on Probo, an opinion trading platform. The company assures co-operation with ongoing law enforcement inquiries premium Listen to This Article The Enforcement Directorate (ED) this week conducted search operations at four premises linked to the opinion trading platform Probo in Gurugram and Jind, Haryana, and froze assets worth ₹284.5 crore. The ED cracked down on the company and its promoters, Sachin Subhaschandra Gupta and Ashish Garg, under the provisions of the Prevention of Money Laundering Act (PMLA) 'in connection with the company's illegal gambling/betting activities across India.' The ED added that the platform lacked safeguards to prevent minors from registering as users, did not follow Know Your Customer (KYC) due diligence, and was found to be inducing new users through
Time of India
3 days ago
- Business
- Time of India
TCS Q1 beats expectations; VC-funded Probo under ED lens
TCS Q1 beats expectations; VC-funded Probo under ED lens Also in the letter: TCS flexes profits, beats Street estimates, and dishes out a dividend Driving the news: Sweetening the results: Margins hold steady: Operating margin rose 30 basis points quarter-on-quarter to 24.5%, while net margin held at 20.1%. Cash generation remained solid, with net cash from operations reaching Rs 12,804 crore, representing 100% of net income. Headcount update: Attrition ticked up slightly to 13.8% from 13.3% last quarter. Total headcount stood at 6.13 lakh, with a YoY net addition of 6,071. The big picture: Also Read: Probo's 'opinion trading' bet backfires as ED freezes Rs 285 crore Backers in the spotlight: Trouble runs deep: Bigger crackdown coming? Also Read: Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: The opportunity: Reach a highly engaged audience of decision-makers. Boost your brand's visibility among the tech-savvy community. Custom sponsorship options to align with your brand's goals. What's next: Ecommerce platforms target tier-II and tier-III cities for festive sales growth in India Focus shift: Planning ahead: Nykaa is tying up with regional influencers and local media to build buzz in smaller cities, with festive discounts of up to 50% on the cards. Amazon India is expanding delivery infrastructure in cities like Nagpur, Panchkula, and Indore to push fashion, jewellery, and electronics. Meesho Mall, the branded goods division of Meesho, is tapping big brands—HUL, Tata Consumer, Kenvue, and Himalaya—for its expansion into cities like Madurai, Jodhpur, and beyond. Tring, tring: Partners Group to acquire majority stake in Infinity Fincorp for Rs 1,950 crore Deal details: The transaction includes a primary infusion of Rs 600 crore (around $70 million) and a secondary share buyout from Indium UV (Mauritius) Holdings and other shareholders. Singapore-based Jungle Ventures, an existing investor, also doubled down in the round. Infinity plans to use the fresh capital to ramp up tech, expand its footprint, and streamline customer onboarding. Tell me more: It currently manages assets worth over Rs 1,200 crore and serves 50,000 customers. In FY24, the company clocked Rs 143.7 crore in revenue and Rs 25.72 crore in net profit. Saas fintech platform Arteria Technologies raises Rs 100 crore Deal details: The deal is a mix of primary and secondary capital. Arteria will use the funds to scale hiring, AI-led product development, and international expansion. Linda Yaccarino's two years at X were about restabilising a platform in crisis Picking up pace: Advertisers were pulling back, unsettled by Musk's provocative public statements, his embrace of anything-goes 'free speech,' and the broader uncertainty around the platform's direction. His takeover also scrapped core Twitter features. Blue checkmarks became paid (and subscription-based), moderation loosened, and misinformation spiked. And yet: Grok-ified: TCS reported a 6% growth in net profit for the June quarter, while revenue rose 1.3%. This and more in today's ETtech Top 5.■ Ecomms eye beyond metros■ ETtech Done Deals■ Yaccarino X-its the buildingTata Consultancy Services (TCS) started FY25 strongly, reporting a 6% increase in consolidated net profit to Rs 12,760 crore in Q1, comfortably surpassing analyst estimates of Rs 12,205 rose 1.3% year-on-year (YoY) to Rs 63,437 crore, but constant currency revenue dipped 3.1% as global clients stayed tight-fisted on tech board declared an interim dividend of Rs 11 per share, payable on August 4. The order book came in strong at $9.4 billion, driven by demand for AI-led transformation and cost-cutting K Krithivasan sounded upbeat, highlighting momentum in new services and deal wins. Investors agreed, as TCS shares closed slightly higher at Rs 3,395 ahead of the earnings startup Probo is in hot water after the Enforcement Directorate (ED) froze Rs 284.5 crore in assets over alleged illegal betting and money agency raided four sites across Gurugram and Haryana on July 8 and 9, uncovering offshore fund trails and suspicious in 2019, Probo raised $24 million from Peak XV Partners, Elevation Capital, and MK Venture Partners. It reported Rs 490 crore in revenue last fiscal year, marketing itself as an 'opinion trading' app that investigators now say was just online betting in ED flagged foreign fund flows via Mauritius and the Cayman Islands, weak KYC checks, zero safeguards for minors, and ads promising 'easy money.' Multiple FIRs allege cheating and fraud, claiming that the app duped users under the guise of innocent opinion April, Sebi warned that opinion trading is unregulated and falls outside the scope of securities law. The Probo case may be the first domino in a broader crackdown on India's gaming Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and Reach out to us at spotlightpartner@ to explore sponsorship giants and consumer brands are turning their gaze to non-metro India as the festive season approaches, ramping up inventory and marketing in smaller cities to fuel Flipkart, and Meesho are doubling down on tier-2, tier-3 and even tier-4 cities during the July-September and October-December festive cycles, aiming to drive volume growth. Consumer brands like Nykaa, Titan, and leading electronics makers are also chasing this next wave of brands, including Samsung, Xiaomi, Oppo, Vivo, and Realme, are expanding their retail networks, launching EMI offers, and rolling out hyperlocal campaigns to capture a larger share of the wallet in small-town Ravalkar, founder, MD and CEO, InfinitySwiss investment giant Partners Group will acquire a majority stake in Mumbai-based Infinity Fincorp Solutions with a Rs 1,950 crore (around $230 million) Corp offers secured loans to micro, small, and medium-sized enterprises (MSMEs), with a strong presence in Tier I and II Kanuri, founder and CEO, Arteria TechnologiesICICI Venture, the investment arm of ICICI Bank, has invested Rs 100 crore in Arteria Technologies, a SaaS company specialising in supply chain collaboration that also provides financing.X's chief executive, Linda Yaccarino, stepped down on July 9, closing a rocky two-year tenure at a platform trying to reinvent itself as an 'everything app' under Elon Musk's joined in 2023 , just as Musk's Twitter rebrand to X was running into turbulence.A seasoned ad executive with a long run (11 years) at NBCUniversal, Yaccarino was meant to restore credibility and steady the business. But her efforts were often overshadowed (and undermined) by Musk himself, most notably when he told advertisers to 'go f*** themselves' on she pushed through major updates, including Community Notes, which later inspired Meta to follow suit (or copy!). She laid the early foundation for X Money, a key step in the platform's pivot to financial departure follows Musk's merger of the social media platform with his AI startup, xAI, signalling a radical shift in his priorities. The platform Yaccarino once led is becoming increasingly Grokified , even as the flagship AI chatbot regularly attracts Read: Grok 4: Elon Musk unveils latest model amid antisemitism backlash
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Business Standard
3 days ago
- Business Standard
Probo betting app raided by ED, Rs 284 cr frozen: What users must know
The Directorate of Enforcement (ED) has launched a crackdown on Gurugram-based Probo Media Technologies Pvt. Ltd., the company behind the online gaming platform 'Probo,' for its alleged involvement in illegal gambling and betting operations across India. The ED's Gurugram Zonal Office conducted search operations on July 8 and 9 at four locations in Gurugram and Jind, Haryana. The raids targeted the premises linked to Probo Media and its promoters Sachin Subhaschandra Gupta and Ashish Garg, under provisions of the Prevention of Money Laundering Act (PMLA), 2002. Why Probo is under investigation The action comes after several FIRs were filed against the company in Gurugram, Palwal, and Agra, where users alleged they were misled into investing money on a platform disguised as a skill-based game. The enforcement action follows multiple FIRs registered under various sections of the Bharatiya Nyaya Sanhita (BNS), 2023 and the Public Gambling Act, 1867 in Gurugram, Palwal (Haryana), and Agra (Uttar Pradesh). From 'Opinion Trading' to Gambling Allegations According to ED's preliminary findings, Probo Media deceptively presented its app and website as a legitimate "opinion trading" platform, promoting it as a game of knowledge and skill. However, investigations revealed that most games offered on the platform are framed as simple "yes or no" questions, effectively making the outcomes binary—similar to betting. ED officials noted, 'The success in such games is governed entirely by chance, not skill or insight, and the users are misled into believing otherwise.' "ED 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. The company claims its platform as 'opinion trading' and knowledge/ skill is required to play the game. However, analysis of games hows that all the games can be answered with 'Yes or No' and hence, there are only two possible outcomes which makes it indistinguishable from gambling/ betting resulting in loss of hard earned money of the users," ED said in a statement. Lack of KYC and Minor Protection The agency also highlighted serious regulatory lapses. The platform allegedly allowed minors to register without age verification and lacked any proper Know Your Customer (KYC) mechanism. Misleading advertisements and promotion of "opinion trading" related to election outcomes were also flagged as areas of concern. Foreign Funding & Asset Freeze The probe unearthed that Probo had received Rs 134.84 crore via preference share issuance from foreign entities based in Mauritius, Cayman Islands, and other jurisdictions. The ED suspects these funds may have been routed without appropriate compliance under Indian laws. During the searches, the agency seized several incriminating documents and digital data. Additionally, fixed deposits and shares worth Rs 284.5 crore were frozen, along with three bank lockers linked to the firm. Next Steps The ED is continuing its investigation to trace the end-use of foreign investments, assess the extent of money laundering, and determine the platform's role in promoting unregulated gaming activity. The company's promoters are likely to be summoned for questioning in the coming days. Why this matters to users Apps like Probo operate in a legal grey area—promoted as games of skill, but sometimes functioning like betting platforms. If you're using similar apps: Be cautious before investing money. Check for age restrictions, KYC processes, and terms of use. Remember: if returns depend on chance, it's not a game—it's gambling. What is Probo? Probo is an app and website where users 'trade opinions' by answering yes/no questions about real-world events—like election results, cricket matches, or news developments. Users put money behind their answers and earn if they're correct. Why is Probo in trouble? The ED believes that Probo's format is no different from gambling. While it promotes itself as a skill-based platform, users' success depends mostly on chance—not knowledge or expertise. The company is also accused of allowing underage users, running misleading ads, and accepting foreign funds without proper checks. What is 'opinion trading'? Is it legal in India? 'Opinion trading' is a new term used by some platforms to describe prediction-based gaming. It's not clearly regulated in India yet, but if it involves money and is based on luck, it could fall under laws that ban gambling and betting. How is this different from stock trading or fantasy sports? Stock markets are regulated and backed by company performance. Fantasy sports require a team-based strategy and usually involve more skill. But apps with binary outcomes (like Yes/No answers) often resemble betting because there are only two outcomes, and chance plays a huge role.
