The former head of embattled Wirecard has handed himself into German prosecutors after an arrest warrant was issued on Monday.
Markus Braun was arrested on suspicion of false accounting and market manipulation the prosecutors said.
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 that Mr Braun did this in conjunction with others.
Wirecard has warned that €1.9 billion of cash on its balance sheet probably does “not exist” and disclosed that it had previously mischaracterised its biggest source of profits.
The company said that it was currently trying to work out “whether, in which manner and to what extent such business has actually been conducted for the benefit of the company”.
It withdrew its most recent financial results and said other years’ accounts may be inaccurate.
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