Synopsis
Nestaway founder Amarendra Sahu has filed a criminal complaint against investors including Tiger Global and Goldman Sachs. He alleges fraud, cheating, and forgery regarding unpaid dues from Nestaway’s sale to Aurum Prop Tech. Investors have challenged the FIR in court. The hearing is set for January 9. If not quashed, the case will go to trial. ETtech Nestaway’s Amarendra Sahu has registered an FIR alleging fraud, cheating, forgery of documents and criminal intimidation against the likes of Tiger Global, Chiratae Ventures and Goldman Sachs, in a rare instance of a startup founder filing a criminal complaint against its investors.
The investors have approached the Orissa High Court, seeking to quash the FIR filed last September with the Economic Offences Wing (EOW) of the Bhubaneswar Police and also names his cofounder as an accused. The next hearing of the matter is scheduled for January 9.
According to the FIR, Nestaway’s investors had promised to pay Rs 11.72 crore to Sahu upon the sale of the home rental platform in 2023 to Aurum Prop Tech but reneged on it.
Sahu also claimed that the share purchase agreement between Nestaway and Aurum included a forged document with his signature representing the company. According to the FIR, he had resigned from the directorship of the company prior to the signing of the sale agreement.
ET has seen a copy of Sahu’s complaint and the FIR. Online news portal The Arc first reported on this development.
Sahu refused to comment on the matter saying it is sub-judice. Chiratae Ventures, Tiger Global and Goldman Sachs did not respond to emails seeking comment. Nestaway cofounder and current chief executive Jitendra Jagadev, who has also been named in the FIR, also did not respond to a request.
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Aurum acquired Nestaway for Rs 90 crore (around $1
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