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Singapore Man Gets More Charges in $1.5 Billion Wirecard Fraud

  • R. Shanmugaratnam accused of falsifying account balances
  • Collapse of Wirecard has reverberated across the world
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A Singapore businessman faces fresh accusations that he falsely claimed to look after money for Wirecard AG, taking the amount covered by a series of charges to 1.2 billion euros ($1.5 billion), equivalent to more than half of the cash missing from the disgraced German payments company.

R. Shanmugaratnam, a director of Citadelle Corporate Services Pte, was charged with three counts of falsifying letters from Citadelle erroneously representing that the Singapore accounting firm held certain amounts of cash in escrow accounts.