SINGAPORE (July 3): The Commercial Affairs Department (CAD) of the Singapore Police Force and the Monetary Authority of Singapore (MAS) have launched a joint investigation into Citadelle Corporate Services Pte Ltd (Citadelle), Senjo Group Pte Ltd and its subsidiaries (Senjo) for suspected falsification of accounts as well as well as carrying on a trust business without a licence under the Trust Companies Act.

As part of the investigation, CAD and MAS have obtained documents and records from Citadelle and Senjo, and have interviewed persons involved in the companies.

MAS says it is aware of media reports alleging that Citadelle has handled monies for Wirecard in a trustee capacity. The provision of trust services as a business in Singapore is an activity regulated by MAS under the Trust Companies Act. Citadelle is not licensed to provide trust business services in Singapore, and is not supervised by MAS. MAS has listed Citadelle on the Investor Alert List on its website.

Senjo is one of three partners which contributed outsized revenues and profits to Wirecard. The other two are Al Alam in Dubai and PayEasy Solutions in the Philippines. Investigators and media reports claim these revenues were inflated.

Senjo has been under investigation by the CAD since Feb last year. On June 22, Wirecard’s board announced that EUR1.9 billion, that its auditors EY claimed were missing, did not exist. Wirecard was declared insolvent on June 25.