Former CEO of Wirecard Markus Braun detained on allegations of inflating the company’s revenues and balance sheet

On Tuesday, Markus Braun, the former Chief Executive of Wirecard has been detained on accusations of make fake entries to boost the company’s balance sheet and revenues to make it appear stronger in order to attractive more customers and investors, said prosecutors in a statement.

The development comes in the wake of Wirecard stating on Monday that $2.15 billion (1.9 billion euros) that it had booked in its accounts most likely never existed.

The black hole is threatening to engulf the payments company.

Braun who turned himself in on Monday, will be presented to a judge later today who will then decide on whether he will remain in custody, said prosecutors.

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