Financial Fraud

Law
Former Wirecard CEO Markus Braun was arrested
Markus Braun
Markus Braun Credit: Wirecard

The former CEO of Wirecard AG, Markus Braun, was arrested on Monday evening. Braun had been detained on suspicion of inflating Wirecard's revenues and balance sheet to make it appear more solid and attractive for investors and customers.

Wirecard acknowledged on Monday that €1.9 billion in missing cash, around a quarter of the company's assets, probably never existed in the first place.