News Summary

Hamed Abbasi, the co-founder and former CEO of Toronto-based payments company Plooto, is currently on trial at the Ontario Court of Justice in Toronto for charges of sexual assault. The alleged incident took place in November 2023, and Abbasi was subsequently arrested and charged. The Crown has chosen to proceed with the case by indictment, meaning Abbasi could face up to 10 years in prison if found guilty. During the trial, which began on January 13, video evidence showing Abbasi and the complainant at a restaurant and hotel on the night of the alleged assault was presented. The trial has faced delays, with proceedings scheduled to resume on January 16. Abbasi’s legal counsel has denied the allegations, maintaining his innocence and expressing confidence in the court process. Abbasi stepped down from his role at Plooto in March 2024, citing personal reasons, although further details were not disclosed by the company. During his tenure, Abbasi was noted for scaling Plooto significantly, though some sources claimed his leadership style posed challenges in staffing at the executive level.