Detained: Markus Braun,ex-CEO Wirecard AG, an independent provider of outsourcing and white label solutions for electronic payment transactions.
FRANKFURT:Former Wirecard Chief Executive Markus Braun has been detained on accusations of inflating the company's balance sheet and revenues to make it appear stronger and more attractive for investors and customers, prosecutors said in a statement on Tuesday.
Wirecard had said on Monday that 1.9 billion euros ($2.15 billion) it had booked in its accounts likely never existed, a black hole that threatens to engulf the payments company.
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