Businessman Eli Reifman was arrested on Tuesday on suspicion of forging documents in order to secure six million dollars in loans from two foreign companies.
A Tel Aviv Magistrate extended Reifman's custody by six days on Tuesday.
In September, Reifman's vehicle was shot at by unknown assailants in Raanana's industrial zone.
Reifman founded the Emblaze media solutions company with two partners in 1994.
The company has recently come under the management of special administrator attorney Eitan Erez.
Reifman recently completed a 50 day prison term for refusing a court order to transfer his assets to Erez.
Reifman said Eretz was behind Tuesday's arrest. In the past, he has attempted to link Erez to September's shooting incident.