Velotix Founder Adi Hod Accused of Fraud by Singaporean Firm
Translated & summarized from TheMarker by baba
Singaporean firm Capital Sustainability PTE is suing Velotix CEO Adi Hod for allegedly defrauding them of $2 million. Hod's former partner also filed a police complaint, fearing he might flee the country with hidden assets. Velotix had recently avoided liquidation thanks to Hod's personal investment, which the holding company now claims was obtained fraudulently.
The story in 5 lines · by baba
- Singaporean firm Capital Sustainability PTE alleges Adi Hod defrauded them of $2 million.
- Velotix CEO Adi Hod is facing a lawsuit and a police complaint from his former partner.
- The former partner fears Hod may flee the country and has hidden money abroad.
- Velotix recently avoided bankruptcy due to Hod's personal investment.
- Hod denies all allegations made against him.
A Singaporean holding company, Capital Sustainability PTE, has filed a lawsuit against Adi Hod, the CEO and founder of the cyber company Velotix, alleging he defrauded them of $2 million. The lawsuit includes a police complaint filed by Hod's former partner, who expressed concern that he might flee the country and has hidden significant funds in overseas accounts. Hod denies all allegations.
Velotix narrowly avoided liquidation in May after reaching a settlement with 13 former employees and managers regarding its debts. According to the company, these payments were made possible by a substantial personal investment from Hod, who is the controlling shareholder and CEO. Capital Sustainability now claims that the funds Hod used to save Velotix were obtained fraudulently from them.