Former Wirecard chief executive Markus Braun has been arrested on suspicion of falsifying company revenue to make it appear stronger and more attractive for investors and customers.
Wirecard admitted yesterday that €1.9 billion (£1.7 billion) had gone missing, a black hole that threatens to engulf the payments company.
Braun, who had resigned from the company on Friday, turned himself in yesterday evening and will attend a hearing today where a judge will decide whether he is to remain in custody.
Braun is accused of misrepresenting the company’s accounts and of market manipulation by falsifying income from transactions with so-called third-party acquirers, according to prosecutors.
Wirecard said last week that auditor EY had refused to sign off on its 2019 accounts as it was unable to confirm the existence of €1.9 billion in cash.
The one-time German tech darling is now holding emergency talks with its banks.
