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Singapore businessman charged with $761 mil Wirecard fraud

Bloomberg
Bloomberg10/2/2020 09:05 AM GMT+08  • 2 min read
Singapore businessman charged with $761 mil Wirecard fraud
The director of Citadelle Corporate Services Pte was charged with five counts of “wilfully and with intent to defraud”.
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Singapore authorities charged the director of a local accounting firm with fraud for falsely claiming his company held 475.5 million euros ($761.19 million) on behalf of disgraced German payments business Wirecard AG in 2016.

R. Shanmugaratnam, a director of Citadelle Corporate Services Pte, was charged with five counts of “wilfully and with intent to defraud” falsifying letters to Wirecard, Wirecard UK & Ireland Ltd., and Cardsystems Middle East FZ LLC, according to charge sheets filed on Thursday and seen by Bloomberg News.

Shanmugaratnam falsely stated he held about 378 million euros in escrow across multiple accounts as of December 2016 and 97.5 million euros as of November 2016 in a fifth account, the charges stated.

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