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In a bizarre incident, an Indian startup Trekkingtoes.com says that the investment banker for his initial public offering (IPO) flees with the proceeds of the show.

The company, in an exchange filing in April, said most of the proceeds from the company’s IPO in August 2020 were diverted by GYR Capital Advisors (Previously Alpha number services). The deposit was first noted on Moneycontrol.

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The new-age digital startup based in Jaipur and involved in intercity taxi hire services had raised $585,613 (INR 4.54 crore) through a public offering in 2020.

“The company filed suit against them for defrauding the company with intent to siphon off IPO proceeds, as rightly mentioned in our attached complaint,” Trekkingtoes.com said.

The company has also lodged a complaint with the market watchdog Securities and Exchange Board of India (SEBI) against Fast Track Finseca SEBI-registered Category I investment banker – whose former manager is a director at Alpha Numero.

Trekkingtoes alleged that Fast Track Finsec also approached its founders Sahil Agarwal and Sagar Agarwal with the idea of ​​an IPO.

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