9th Dec 2022
The Wirecard is Germany based payment processor and financial services provider which has done biggest fraud of Germany
Munich based company processed online credit card payments, mainly for pornography and gambling sites in starting.
In a world where cashless payments were becoming king, Wirecard was perfectly placed to dominate.
They also held bank license under firm name of Wirecard Bank AG
It joined Frankfurt Stock Exchange in 2005 and joined Dax 30 in 2018.
It was regarderd as German Success Story and supported by that time Chancellor - Angela Merkel
Then what was wrong there?? :
All not well in the company. There had already been reports questioning Wirecard's figures.
Wirecard rejected accusations by investors and journalists and received support from Financial authority.
Also they targetted FT Journalist Dan for writing about the company.
But in 2019, FT report leaked which revealed Wirecard's accounting problem in Asian operations
Instead of investigating firm, German Regulator invistigated journalists and barred investors.
When they forced to admit, Wirecard accepted that that €1.9bn is missing from accounts
Also two Philippines banks mentioned about no more wirecard clients.
So company finally filed for insolvency protection from creditors.
After 9 months inquiry by lawmakers, they succeed to find the issue.
The trial is expected to last well into 2024.
Already 100 court dates provisionally scheduled until the end of next year in the case.
Many has lost thier hard work money by investing munich based company.
Stay tune to know more about Issue like this !!
