PROBO Opinion Trading App Raided by ED for Alleged User Fraud Involving Crores

The Enforcement Directorate (ED) has taken action against PROBO, a self-proclaimed “opinion trading” platform, following accusations of a large-scale fraud operation. The ED alleges that the platform, rather than facilitating legitimate trading, is actually running a gambling operation that has defrauded users of crores of rupees.

ED Investigation Based on Multiple FIRs

The investigation stems from multiple First Information Reports (FIRs) filed against Probo Media Technologies, the company behind the app, along with its directors and promoters. These FIRs cite violations under various sections of the Bare Acts of the States (BNS), 2023, and the Public Gambling Act, 1867. The ED’s raids targeted locations associated with the company in Gurugram and Palwal, Haryana, as well as Agra, Uttar Pradesh.

PROBO’s “Opinion Trading” Model Under Scrutiny

While PROBO presents itself as a platform for trading opinions, the ED contends that this is a guise for illegal gambling activities. The specifics of how the platform operates and the nature of the alleged fraud are currently under investigation. The ED is working to uncover the full extent of the scheme and bring those responsible to justice. This incident raises concerns about the regulatory oversight of online trading platforms and the potential risks they pose to unsuspecting users.