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Former CEO of scandal-hit Wirecard arrested in Germany

In relation to the case of 1.9 billion missing from accounts

24 June, 10:58
(ANSA-AFP) - FRANKFURT AM MAIN, 24 GIU - The former chief executive of Wirecard, Markus Braun, has been arrested on suspicion of market manipulation, German prosecutors said Tuesday, after the payments provider admitted that 1.9 billion euros missing from its accounts likely "do not exist".

Prosecutors in Munich said Austrian-born Braun, who resigned as CEO on Friday, had voluntarily presented himself to the authorities on Monday evening after the arrest warrant was issued. Current investigations show that "the conduct of the accused justifies the suspicion of inaccurate presentation concurring with market manipulation," they said in a statement.

It marks the latest twist in what is fast turning into one of Germany's biggest ever financial frauds, drawing comparisons with the Enron accounting scandal of the early 2000s in the United States. (ANSA-AFP).

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