A unique case in German criminal history: Never before has a criminal gang been suspected on the executive floor of a former DAX company.
The criminal case against former Wirecard CEO Markus Braun and two other officials has begun.
Blame: Raising course with raised numbers
Two and a half years after the Wirecard bankruptcy, what is believed to be the largest post-war fraud case is now pending before the Munich I District Court. The presiding judge, Markus Födisch, opened the proceedings with a delay of three quarters of an hour, and the audience and media were crowded.
At the beginning of the trial at the Munich District Court, prosecutor Matthias Bühring said that Braun had formed a “gang” with other top executives to emulate the image of a successful company. In reality, Wirecard made a loss and needed the loan “to keep the company from going bankrupt”. The price of Wirecard stock should also be boosted by strengthened business figures.
The prosecutor accuses Braun of falsifying balance sheets and defrauding lenders of €3.1 billion, along with his accomplices on the management floor of the now-dissolved Dax group – the largest fraudulent loss in Germany since 1945. The Dax group has never been accused of acting as an organized scam.
Markus Braun is not the only defendant
Oliver Bellenhaus, the group’s former chief accountant and former head of Wirecard’s Dubai subsidiary, is charged with Braun. But the prosecutor assumes that the “Wirecard gang” is much larger: a former CFO, Jan Marsalek, who left before the group disbanded, Jan Marsalek, who has been in hiding since 2020, and numerous accomplices abroad as attorney general, according to the indictment. Matthias Bühring said they were involved.
Chronology of the Wirecard scandal:
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