Police Raid Wirecard HQ as Administrator Kicks Off Asset Sales

Police and public prosecutors raided Wirecard’s headquarters in Munich and four properties in German and Austria on Wednesday as they widened their investigation into the financial payments company that collapsed last week, Reuters reported. Wirecard filed for insolvency last week owing creditors almost $4 billion after disclosing a 1.9 billion euro ($2.1 billion) hole in its accounts that its auditor EY said was the result of a sophisticated global fraud. The implosion of a financial technology company once seen as one of the hottest prospects in Europe has led to political finger-pointing in Germany and new investigations into potential financial skullduggery from the Philippines to Mauritius. German prosecutors said on Wednesday they were widening their investigation to include suspected fraud, in addition to market manipulation and falsifying of accounts. Read more