Wirecard scandal: How fraudsters built a financial giant | DW News

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To the outside world, Wirecard was a successful DAX group. But in reality, it was riddled with fraud. Behind a clean facade, criminals were at work. Former CEO Markus Braun is currently in custody. Ex-Asia board member Jan Marsalek is a fugitive.

Wirecard was once an electronics payments service provider and even operated a bank in Germany. But it turns out some sales were completely made up. The balance sheet showed a 1-point-9 Bbillion euro hole. Since then, public prosecutors began investigating the company on commercial fraud and document falsification charges.

There had been rumors for years. Media outlets repeatedly reported inconsistencies.. But, each year the EY auditing firm gave Wirecare a seal of approval. The German Financial regulator Bafin didnt investigate the allegations either. Journalists who reported on fraudulent dealings at Wirecard received complaints.

Since October, a parliamentary investigative committee has been scrutinizing the role of the authorities in this scandal. But one thing is certain: Germany's financial supervisors are ready for reforms.

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What's common between Wirecard and Lehman Brothers?

EY

MrOrbion

Get ready to see a movie on this with Leo dicaprio in lead role😂

vg

Those responsible in the state agencies should be held accountable and lose their jobs.

samuelculper

Why the external auditor is not being charged for fraud as well? These major auditors and credit rating agencies were also behind the horrendous financial crisis of 2008 as well, as they provided "good standing" to inherently flawed systems.

syedzohaibahmed

Germany banks seem to need a much tougher regulator.

oxnyxws

At least we have DW news to report on it.

chinggiskhan

Germany has to make a strong example of this case and the CEO of this Wirecard so that no other company will follow in the footsteps of Wirecard. Jail time and lengthy jail time.

seans

The auditing firms require further oversight. They seem to get away with shenanigans if the amount is sufficiently large. Audit the auditors, and their auditors.

arilebon

So Many Scams but happening in Germany 🇩🇪 and Dax listed its Sad

mcmaltaeurope

If Volkswagen can do it, so can Wire Card. Germans are very capable people.

Littlepunk

As an outsider looking into Germany I am amazed that BaFin is allowed to operate like this, originally it looks like an unfortunate series of missteps whereas now it seems a bit more malicious.

chrismackay

Many were crushed flat by this scandal. Investors, business partners, good employees and even us a ESA in Singapore. We lost everything that we have built for 5 years for them and their partner bank overnight when the Authority in Singapore shut their payment services down. A major letdown for us and with no compensation from them here even though they are solvent still. Hope justice will be served soon. Has been 2 years since the accounting scandal hits desk in Singapore.

SMARTZLIVING

Don’t worry. Our politicians don’t have to take responsibility like in other “undemocratic” countries .

tycoon

The answer is greed in within those people. Scam as its finest.

KamenRiderSeiryuXV

These days it is very difficult to recognize fraud. Wirecard was considered one of the best payment processors, now it has gone bust. Big4 audit firms were unable to detect fraud

chandutomaz