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.

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(Picture: REUTERS/Andreas Gebert)

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