Indian Authorities Seize $34M in Enforcement Action Against Probo Media Technologies
Indian financial crime investigators have launched a major enforcement action against Probo Media Technologies Pvt. Ltd. The company, founded in 2019, faces allegations of illegal betting and money laundering. The Enforcement Directorate (ED) has conducted searches and seized assets worth approximately $34 million.
The ED's action follows multiple First Information Reports (FIRs) filed against Probo Media Technologies in Haryana and Uttar Pradesh for operating an unregulated betting scheme. The company, which raised $24 million from prominent investors like Peak XV Partners and Elevation Capital, was presented as a skill-based gaming platform but was found to be based on chance.
The ED froze fixed deposits, shares, and sealed three bank lockers connected to the company. They also seized digital records and documents, with further investigations ongoing. Probo Media Technologies posted revenue of Rs 490 crore ($57.3 million) in FY2024, employing 88 people as of May 2025.
The company allegedly lacked safeguards to prevent minors from registering and failed to implement proper KYC checks. It also used misleading advertisements. The source of funds from foreign investors in 2019, including their participation and the tax havens involved, remains unknown.
The ED's enforcement action against Probo Media Technologies highlights the serious allegations against the company. With revenue of Rs 490 crore and prominent investors, the case underscores the need for stricter regulations in the gaming industry. Further investigations are underway to uncover the full extent of the company's activities and the origin of its funds.
