VC Firm Seeks To Slip $25M Fraud Action

Law360, New York (December 22, 2011, 5:30 PM EST) -- Venture capital firm Hi-Tech Venture Partners LLC and its founder urged a California federal judge on Thursday to scrap an allegedly time-barred lawsuit from a Malaysian investment firm accusing it of fraud and contract breaches in connection with a $25 million investment initiative.

Hi-Tech and its embattled chief Mohammad Chowdry moved for summary judgment against claims they defrauded venture capital investor Perdana Capital Inc. and ran off with $12 million already contributed under the $25 million investment agreement. The three-year statute of limitations has long run...
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