ED attaches Probo’s ₹117-crore assets for allowing online gambling
The Enforcement Directorate (ED) has taken a significant step in its ongoing money laundering probe against Probo Media Technologies, a company that was found to be facilitating online gambling under the guise of online gaming. As part of its investigation, the ED’s Gurugram Zonal Office has attached ₹117.41 crore worth of movable and immovable assets belonging to Probo. This development is a major setback for the company, which had already shut down its platform in August after the government introduced a new online gaming law.
The ED’s probe had earlier revealed that Probo had been cheating its customers by allowing them to participate in online gambling activities, while masquerading as a legitimate online gaming platform. The company’s actions were found to be in clear violation of Indian laws, which prohibit online gambling. By attaching Probo’s assets, the ED is sending a strong message that it will not tolerate such illicit activities and will take all necessary steps to prevent money laundering and protect the interests of Indian citizens.
The ED’s investigation into Probo’s activities began after it received complaints from several customers who had been duped by the company. The probe revealed that Probo had been operating a complex web of shell companies and bank accounts, which were used to launder money and facilitate online gambling. The company’s modus operandi was to attract customers with promises of big winnings and then manipulate the game outcomes to ensure that the house always won.
The ED’s attachment of Probo’s assets is a significant development in the case, as it will prevent the company from disposing of its properties and assets, which could be used to launder money or fund further illicit activities. The attached assets include bank accounts, properties, and other movable assets, which are valued at ₹117.41 crore.
The government’s introduction of the online gaming law in August was a major blow to Probo’s operations, as it forced the company to shut down its platform. The law, which aims to regulate the online gaming industry and prevent money laundering, has been welcomed by legitimate online gaming companies, which see it as a major step towards creating a level playing field.
The ED’s action against Probo is also a warning to other companies that may be involved in similar illicit activities. The agency has made it clear that it will not hesitate to take action against anyone who is found to be involved in money laundering or other financial crimes. The ED’s probe into Probo’s activities is ongoing, and it is likely that more developments will emerge in the coming days.
In conclusion, the ED’s attachment of Probo’s assets is a major development in the case, and it sends a strong message that the agency will not tolerate online gambling and money laundering. The government’s introduction of the online gaming law has created a new regulatory framework for the industry, and it is likely that more companies will be held accountable for their actions in the coming days.
As the online gaming industry continues to evolve, it is essential that companies operate within the bounds of the law and prioritize the interests of their customers. The ED’s action against Probo is a reminder that the agency is committed to preventing financial crimes and protecting the interests of Indian citizens.
For more information on this case, please visit the news source: https://www.moneycontrol.com/news/business/startup/gambling-in-guise-of-online-gaming-ed-attaches-assets-worth-rs-117-4-crore-linked-to-probo-in-money-laundering-case-13723679.html/amp
About the Author
