BERLIN -- The former CEO of German financial technology company Wirecard has been arrested on suspicion of misrepresenting the firm's finances in an accounting scandal that centers on a missing 1.9 billion euros , prosecutors in Munich said Tuesday.
The arrest deepens a scandal engulfing Wirecard AG, which provides companies the technologies and platforms for cashless payments. It was once regarded as a star of the growing financial technology sector, attracting international investors and getting listed on Germany's blue-chip stock index. But its fortunes began to turn after the company became the subject last year of Financial Times reports about accounting irregularities in its Asian operations.
Prosecutor Anne Leiding said it remains to be seen whether the case may expand to include other offenses, and investigators have yet to determine how often the incorrect financial statements were used to get bank loans. On Monday, Wirecard fired its chief operating officer, Jan Marsalek, who had been suspended from the board last week. German news agency dpa reported that Marsalek had been in charge of overseeing daily operations including in Southeast Asia, where the possible fraud occurred.
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