German prosecutor says three former Wirecard executives arrested

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arrested

The Munich public prosecutor said on Wednesday that three former executives of German payment company Wirecard have been arrested as investigations into the company’s commercial fraud case made progress.

The newly-issued arrest warrants were aimed at former CEO Markus Braun and two other former executives, who face charges of organized fraud and market manipulation, German Press Agency dpa quoted a spokesperson from the prosecutor’s office as saying.

Investigations showed that the people concerned knew about the financial hole in the company’s balance sheet as early as 2015.

Wirecard filed for insolvency in late June after disclosing that 1.9 billion euros (2.2 billion U.S. dollars) of cash on its balance sheet had gone missing. The company’s management board later said the massive amount of money simply may not exist.

Braun was previously arrested on June 22 on suspicion of market manipulation and was released after paying a 5-million-euro bail.

The accounting scandal of the DAX bluechip company has also left German financial regulators under fire. Enditem

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