Probo Under Investigation: Cooperating with ED in Betting-linked Money Laundering Case
The online platform Probo is under the Enforcement Directorate's scrutiny for alleged illegal betting-linked money laundering. The company is cooperating and asserts adherence to regulations, as its funds are frozen. The ongoing investigation stems from multiple police FIRs against the company in Haryana and Uttar Pradesh.
- Country:
- India
Probo, an online platform, is under investigation by the Enforcement Directorate (ED) for alleged involvement in illegal betting and money laundering activities. The federal probe agency revealed that funds and shares worth over Rs 284 crore have been frozen, linking the Haryana-based company to gambling activities.
Despite the allegations, Probo has assured stakeholders and the public of its cooperation with authorities and adherence to existing laws. The company, which operates a mobile app and website, positions itself as a pioneer in India's digital transformation while expressing confidence in its compliance strategies.
The money laundering investigation was initiated following multiple police FIRs filed against Probo and its promoters. Allegations claim that Probo's 'Yes or No' format is misleading users into gambling. Probo, however, continues to emphasize its commitment to user safety and responsible technology innovation.
(With inputs from agencies.)
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