Former Wirecard boss arrested by German police

Text by: RFI Follow

In Germany, the former boss of Wirecard, a technology and financial services company, was arrested. Markus Braun turned himself over to the authorities after the issuance of an arrest warrant against him. He is suspected of having artificially inflated the company's balance sheet.

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The judicial investigation launched just a few days ago concerns a little more than 1.9 billion euros that would have evaporated from Wirecard's accounts in the Philippines.

But this money probably never existed. However, it was included in the company's balance sheet in order to make it more attractive to investors and customers. Investigators suspect Markus Braun of having had accomplices in the Bavarian company. 

The Munich public prosecutor's office has been investigating all Wirecard executives since the beginning of June. It was misinformation given to investors that caught his eye. The discovery of the alleged fictitious accounts in the Philippines only heightened suspicion. 

Launched in 1999, entry to DAX, the key index of the Frankfurt Stock Exchange, two years ago, Wirecard has become the star of the digital payments market. Today, the company supposed to protect its customers from fraud finds itself at the heart of a vast financial scandal. 

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