In a bizarre incident, an Indian startup Trekkingtoes.com says that the investment banker for its initial public offering (IPO) ran away with the proceeds of the issue.

The company, in an exchange filing in April, said that the major portion of proceeds raised through an IPO by the company in August 2020 has been misappropriated by GYR Capital Advisors (formerly Alpha Numero Services). The filing was first noted on Moneycontrol.

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

“The company has initiated action against them for defrauding the company with the intention of siphoning the proceeds of the IPO, as aptly mentioned in our complaint attached below,” Trekkingtoes.com said.

The company has also filed a complaint with the markets watchdog Securities and Exchange Board of India (SEBI) against Fast Track Finsec, a SEBI-registered category-I merchant banker — whose former director is a director at Alpha Numero.

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

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