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Germany: Wirecard HQ raided by police as €1.9 billion accounting hole probed02:35

Germany: Wirecard HQ raided by police as €1.9 billion accounting hole probed

Germany, Munich
July 2, 2020 at 01:21 GMT -00:00 · Published

Wirecard's offices were raided on Wednesday as Munich prosecutors continue their probe into the €1.9 billion ($2.1 billion) that went missing from the company's accounts. Prosecutors ordered raids on three offices in Germany and two in Austria.

Undercover police were seen arriving at Wirecard's Munich headquarters.

Wirecard's CEO Markus Braun turned himself in on June 22 after the accounting hole was discovered and accusations of fraud began. The next day he was granted a €5 million ($5.6 million) bail and released. He is currently under investigation for forged accounts and manipulating the market.

"€1.9 billion ($2.1 billion) disappeared without a trace, who are these auditors, they say that they didn't figure it out earlier, who are these rags? Poor Germany," said local resident Christopher Eisele.

Wirecard was assigned a court-appointed insolvency administrator on Monday after it had been uncovered that the €1.9 billion ($2.1 billion) in question, that had been reported as cash, did not exist in company accounts and it is believed to have never existed at all. Stocks in the company had crashed by 95 percent since the scandal came to light two weeks ago.

Germany: Wirecard HQ raided by police as €1.9 billion accounting hole probed02:35
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Wirecard's offices were raided on Wednesday as Munich prosecutors continue their probe into the €1.9 billion ($2.1 billion) that went missing from the company's accounts. Prosecutors ordered raids on three offices in Germany and two in Austria.

Undercover police were seen arriving at Wirecard's Munich headquarters.

Wirecard's CEO Markus Braun turned himself in on June 22 after the accounting hole was discovered and accusations of fraud began. The next day he was granted a €5 million ($5.6 million) bail and released. He is currently under investigation for forged accounts and manipulating the market.

"€1.9 billion ($2.1 billion) disappeared without a trace, who are these auditors, they say that they didn't figure it out earlier, who are these rags? Poor Germany," said local resident Christopher Eisele.

Wirecard was assigned a court-appointed insolvency administrator on Monday after it had been uncovered that the €1.9 billion ($2.1 billion) in question, that had been reported as cash, did not exist in company accounts and it is believed to have never existed at all. Stocks in the company had crashed by 95 percent since the scandal came to light two weeks ago.

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