Financial Times: Wirecard may have suffered fraud before bankruptcy in June

According to the Financial Times, according to the speculation of German prosecutors, credit card issuer Wirecard may have suffered fraud before bankruptcy in June. Although Wirecard denied allegations of fraud at the time, approximately $1 billion was transferred to unclear partners. The investigation is based on loans provided to partners in Dubai, Singapore and the Philippines, which is contrary to the statements of the company’s former CEO Markus Braun and executives. According to documents seen by people familiar with the investigation and the Financial Times, the embezzled money was suspected to be in the form of an unsecured loan. Wirecard claimed that it was prepaid to merchants handling card transactions through its partners in Asia. Chain Wen previously reported that Wirecard filed for bankruptcy in the Munich court after disclosing a $2.1 billion financial loophole.