Resigned Wirecard CEO Detained by Police as $2.1B Fraud Threatens Company By Cointelegraph

Resigned Wirecard CEO Detained by Police as $2.1B Fraud Threatens


Resigned Wirecard CEO Detained by Police as $2.1B Fraud Threatens Company

The former chief executive officer of Wirecard, a German fintech company, has been detained by Munich police after being charged with misrepresenting the company’s balances.

As reported by Reuters and many others, Markus Braun, who led the company for the better part of two decades, has been arrested by police in Munich, Germany. According to a statement issued by the prosecutor’s office, he is accused of having conspired to inflate assets and total revenue through false transactions with “third-party acquirers.” This was done to make the company appear more attractive to investors, the prosecutors say.

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