Wirecard Probes Intensify as Allegations Accelerate Stock Plunge
- Police raid company’s offices in Singapore in evidence search
- German prosecutors open market-manipulation investigation
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Investigations into German payments company Wirecard AG intensified as police in Singapore raided local offices, while Munich prosecutors started a probe into possible market manipulation over reports that caused the shares to tank.
The company has denied reports by the Financial Times alleging accounting fraud for more than a week. Singapore police on Friday searched the offices after saying earlier this week they would look into the allegations as German prosecutors opened their probe following a criminal complaint from Wirecard. The latest developments caused the shares to plunge as much as 22 percent in Frankfurt.