Markus Braun, the former chief executive of Wirecard, has been arrested in Germany after $2.1 billion went missing at the digital payments company.
Munich prosecutors confirmed Tuesday that Braun was arrested on suspicion of possibly having inflated Wirecard's balance sheet and sales through fake transactions with third parties in order to make the company more attractive to investors and customers. Wirecard acknowledged on Monday that €1.9 billion in missing cash, which made up roughly a quarter of its assets, probably never existed in the first place. The company withdrew its preliminary results for 2019, the first quarter of 2020 and its profit forecast for 2020.Founded in 1999, Wirecard was once considered one of the most promising tech firms in Europe. It processes payments for consumers and businesses, and sells data analytics services.
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