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Former Wirecard CEO arrested on charges of inflating balance sheet

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Markus Braun, CEO of the technology and financial services company Wirecard, poses in the company headquarters in Aschheim near Munich, southern Germany, on September 18, 2018. (Photo by Christof STACHE / AFP) (Photo credit should read CHRISTOF STACHE/AFP/Getty Images)

CHRISTOF STACHE | AFP | Getty Images

Former Wirecard CEO Markus Braun has been arrested on charges of inflating the company’s balance sheet, prosecutors in Munich said on Tuesday.

Braun resigned on Friday after the German payment service provider said auditors at EY couldn’t locate 1.9 billion euros ($2.1 billion) of cash on its balance sheet. On Monday, the company said it was likely that those funds do not exist.

Prosecutors said that Braun turned himself in on Monday evening and would be brought to an investigating judge on Tuesday who will then decide whether he should remain in custody. 

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