Ex-Wirecard boss Markus Braun and other former executives have to answer in court for gang fraud, among other things. The district court in Munich has admitted an indictment. This is reported by the “Handelsblatt”.
The Wirecard scandal is considered the largest fraud case in German post-war history. In March, the Munich I public prosecutor brought charges against the long-standing CEO of Wirecard, Markus Braun, the former deputy chief financial officer Stephan von Erffa and Oliver Bellenhaus, the former governor in Dubai. This charge has now been approved by the district court, reports the ” Handelsblatt “.
The allegations: balance sheet falsification, market manipulation, particularly serious infidelity and gang fraud. They are said to have falsified balance sheets and damaged lending banks by a total of EUR 3.1 billion since 2015 – of which EUR 1.7 billion was in loans and another EUR 1.4 billion in bonds. The “Handelsblatt” reports, citing those involved, that the process is expected to begin in early 2023. Braun and Bellenhaus have been in custody since July 2020. Through his spokesman, Braun’s defense attorneys asserted their client’s innocence and made serious allegations against the investigators.
According to the indictment, the Wirecard balance sheets from 2015 to 2018 were incorrect – an audited balance sheet for 2019 was no longer available. In June 2020, the Dax group, which was once considered a German technology model company, filed for bankruptcy. The triggers were missing 1.9 billion euros that were allegedly booked in trust accounts.
According to investigations, however, these were bogus bookings on a large scale. As a payment service provider, Wirecard processed credit card payments at checkouts and in online retail. The allegedly non-existent billions were booked as income from partner companies that allegedly processed payments on behalf of Wirecard.
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