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Home Business 2 More Ex-Wirecard Managers Arrested, Ex-CEO Back In Custody

2 More Ex-Wirecard Managers Arrested, Ex-CEO Back In Custody

BERLIN (AP) — Two more former executives at bankrupt German payment company Wirecard were arrested on Wednesday in the fraud scandal that brought down the one-time tech star and its former CEO was taken back into custody after the case against him was expanded, prosecutors said.

The former Wirecard managers are suspected of defrauding investors of some 3.2 billion ($3.7 billion) by inflating the company’s balance sheet.

The two newly arrested ex-managers are the company’s chief financial officer until the end of 2017 and its former head of accounting, Munich prosecutor Anne Leiding said. She identified them only as L. and von E. respectively, in keeping with German privacy rules.

The case against ex-CEO Markus Braun was expanded and a judge ordered him kept in custody, Leiding said. Braun was first arrested last month on suspicion of market manipulation and falsifying financial results, and then released on bail. A fourth former executive, the head of a subsidiary in Dubai, was arrested in early July.

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