Germany: Prosecutors arrest three in suspected Wirecard criminal racket

German prosecutors arrested three former top executives of Wirecard on Wednesday, saying it suspected them of masterminding a criminal racket to fake the company’s accounts and bilk creditors of billions of euros.

Former Chief Executive Markus Braun, already a suspect, was re-arrested along with Wirecard’s former chief financial officer and chief accounting officer on the strength of testimony from a cooperating witness.

The collapse of the high-flying financial technology company last month exposed a breakdown in oversight. Regulators for years ignored warnings from investigative journalists and market sceptics that Wirecard was inflating revenues and profit.

The original full article can be found at reuters.com.

(Picture: REUTERS/Andreas Gebert)

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