The Wirecard case literally gets crazier by the minute. Continuously, we are fed with rumors of ever more fantastic or criminal activities in which the German DAX company and its responsible managers are said to be involved are spreading.We have recently heard that a raid was also carried out on Wirecard’s offices in Dublin, Ireland. Apparently also due to a money laundering report by the European Funds Recovery Initiative (EFRI).
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Our sister site FinTelegram has pointed out many times over the last two years that the German FinTech champion Wirecard has been the financial heart of the international scammer scene. The former Wirecard CEO Markus Braun and his COO Jan Marsalek, for example, have maintained excellent relations with the fraudulent Israeli binary options scammer scene.
A lack of funds in the amount of €1.9 billion dragged Wirecard into insolvency, thus causing problems for the company’s auditor EY as well as the German regulatory authority BaFin. The first question to be asked in the first place is whether the funds were ever in Wirecard at all. Most likely not! Another question pops up in this context: Why the Philippines?
Wirecard is a FinTelegram case as well as an EFRI case. Sure, compared to Dan McCrum (@twitter) from Financial Times and compared to Matthew Earl, Fraser Perring and the other great guys behind the amazing Zatarra Reports, our contribution to the bust of Wirecard is rather humble. Back in 2016 when the founder of Fintelegram met the German Uwe Lenhoff, who is currently arrested on charges of binary options fraud.
Wirecard drama continues – what about the pink elephant called money-laundering for big illegal organizations?
With the KPMG special audit report on the table Wirecard still pretends to believe that the accusations of balance sheet manipulation, irregularities in accounting, kick-back payments, and lack of transparency raised from many sides have been refuted or at least not been confirmed. The accusations of money-laundering in the context of client relationships with cybercrime organizations and scam operators are not dealt with at all. Admittedly, the scope of the special audit of KPMG did not include this pink elephant in the room.