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Former Wirecard CEO Arrested Amid Widening Criminal Probes

  • Braun turned himself in Monday; granted bail Tuesday
  • German financial regulator Bafin suspects market manipulation
Bloomberg business news
Bloomberg TV Report: Braun was detained by Munich prosecutors on Monday.Source: Bloomberg
Updated on

Wirecard AG’s former chief executive officer was detained by Munich prosecutors as the scandal over 1.9 billion euros ($2.1 billion) that went missing from the Germany’s fintech company prompted probes into suspected market manipulation and false accounting.

Markus Braun, who resigned last week, turned himself in Monday evening in Munich as part of a probe into the company’s accounting practices, prosecutors said in an emailed statement. At a hearing Tuesday afternoon, he was granted bail of 5 million euros ($5.67 million) -- one of the largest amounts ever posted in Germany.