Peak XV-backed Probo, India’s Polymarket-like platform, faces ED probe
The searches by ED, carried out on July 8 and 9 under the Prevention of Money Laundering Act, 2002, are linked to allegations of illegal gambling and betting activities conducted across India through the Probo platform.
The Enforcement Directorate (ED) has conducted search operations at four premises in Gurugram and Jind in Haryana connected to Probo Media Technologies Pvt. Ltd. and its promoters, Sachin Subhaschandra Gupta and Ashish Garg.
The searches, carried out on July 8 and 9 under the Prevention of Money Laundering Act, 2002, are linked to allegations of illegal gambling and betting activities conducted across India through the Probo platform.
Probo operates a mobile app and website that facilitates what it calls “opinion trading”—a form of real-time prediction market where users can trade on the outcome of events across domains, such as sports, current affairs, and entertainment. The model bears similarities to international platforms like Polymarket, which allow users to speculate on future outcomes.
Polymarket’s predictions for major elections, such as the US presidential race, have closely tracked actual outcomes, often outperforming traditional polling aggregators.
According to the ED, the search operations led to the seizure of various incriminating documents and digital data. Authorities also froze fixed deposits and shares worth Rs 284.5 crore, along with three bank lockers.
In a statement issued on July 10, Probo said it is “cooperating with law enforcement authorities” and reiterated that it “adheres to all applicable laws and regulations and maintains the highest standards of compliance.”
The company described itself as “India’s leading information marketplace” and a “skill-based platform” aimed at democratising access to financial opportunity through informed insights.
“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 statement said.
Probo is backed by notable venture capital firms, including Peak XV Partners (formerly Sequoia Capital India), Elevation Capital, and Fundamentum Partnership.
“We have complete faith in India's robust regulatory framework and its vision for responsible tech innovation,” the company said, adding that user safety and trust remain its top priorities.
Edited by Suman Singh