Last Thursday the Garda National Economic Crime Bureau (GNECB), the division of Ireland’s national police, led a crackdown on the Irish offices of Wirecard, the failed German electronic payment service provider that has been in the media’s light spot for some weeks now following a very controversial set of events.
The GNECB aims to assist German authorities in the ongoing investigation of Wirecard on fraud. Last month, the major service provider filed for bankruptcy following a scandal that revealed that the firm owned its creditors €4 billion after a €1.9 billion hole was discovered in its accounts pages. Read more on the story here.
The Irish authority claimed last week that it had been aware of the branch’s shady operations, and was looking into the doings of Wirecard’s Dublin based subsidiary of the incriminated service provider.
Jan Marsalek, the former chief operating head, is still listed as director of the UK and Irish branch of Wirecard. However, the German parent company records hold that he was fired on June 18th.
On June 22nd Munich police authorities gained arrest warrants for both Marsalek, and group chief executive Markus Braun. That same day Braun turned himself in, while Marsalek still remains at large.
The seemingly low-profiled Dublin branch has been caught in the investigation which is part of bigger animal that is taking the financial world by storm. Reports around the media talk of accounting irregularities, all connected in some way to Wirecard, concerning international subsidiaries, including ones in India, Singapore, and Dubai.
There will surely be more on this development in the coming weeks.