Wirecard’s former chief executive Markus Braun has been arrested on suspicion of false accounting and market manipulation, Munich prosecutors said on Tuesday morning.
The prosecutors are accusing Mr Braun of artificially inflating Wirecard’s balance sheet and the company’s revenue in an attempt to make the company look more attractive for investors and clients.
The prosecutors suspect Mr Braun did this in conjunction with others. A spokeswoman for the Munich prosecutors’ office told the Financial Times that the company’s former management board was under investigation.
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