The criminal proceedings in Munich

analysisAccording to a news agency report of 6 July 2020, the Munich prosecutor said it had questioned the chief executive of CardSystems Middle East, Wirecard's Dubai subsidiary, and arrested him on a warrant after he travelled from Dubai and turned himself in, on suspicion of conspiracy to commit fraud, attempted fraud and aiding other offences; the prosecutors did not name him. He was later charged as "B.", and a July 2022 press report identifies him as Oliver Bellenhaus, a principal prosecution witness. At the Bundestag inquiry committee's session of 19 November 2020, Braun invoked his right not to incriminate himself, said the courts should establish where the embezzled company funds had gone and announced a detailed statement to the prosecutor; Bellenhaus, joining from prison, also declined to answer but described events as a "huge catastrophe" and apologised to those harmed. ^{1 2 3 4}

analysisOn 10 March 2022 the Munich I public prosecutor charged "Dr. B." (former chief executive of Wirecard AG), "von E." (former head of accounting) and "B." (former managing director of CardSystems Middle East) before the 4th criminal chamber of the Munich I regional court in a 474-page indictment; two of the three were in pre-trial detention. A later press report names them as Markus Braun, Stephan von Erffa and Oliver Bellenhaus. The indictment states the prosecution's case, which the court has to establish; the trial began on 8 December 2022, hearing dates have been set up to 23 December 2026, and no judgment had been announced by the cutoff. ^{1 2 3}

analysisThe prosecution's case is that the consolidated accounts for 2015 to 2018 were false because they included revenue from TPA business with three partners in Dubai, the Philippines and Singapore that did not exist, booked as receivables from the partners or as trust-account balances in Singapore; a balance of almost one billion euros in 2018 supposedly managed by a trustee "C." never existed, and balance confirmations were forged by the trustee or by "B." on the instructions of "von E.". It charges six counts of professional gang fraud, because banks lent about EUR 1.7 billion in four loans and two bonds of about EUR 1.4 billion were issued on the basis of those figures, and accuses Braun of 26 counts of market manipulation from 2015 to April 2019, including deciding alone to publish an ad hoc announcement on 22 April 2020 that falsely suggested KPMG's report would clear Wirecard. It notes that part of his pay was linked to the share price and that he held about 7% of the capital, receiving dividends of about EUR 5.5 million. Braun's defence is that the TPA business existed and its proceeds were embezzled by Jan Marsalek's circle, an account the presiding judge called untenable in September 2026. All of these are prosecution allegations on which no verdict had been reached at the cutoff; the release does not name the banks, and the court later dropped the market-manipulation counts. ^{1 4}

analysisThe main trial before the 4th (grand) criminal chamber (4 KLs 402 Js 108194/22) began on 8 December 2022. On 27 February 2025 the chamber, at its own suggestion and with the prosecutor's agreement, limited the case: the discontinued counts include false 2015 consolidated accounts, Wirecard AG's guarantees for Wirecard Bank loans to OCAP (December 2017 and April 2019), Wirecard Asia Holding's loans to OCAP (September 2018), fraud in extending and increasing the syndicated loan led by "C. AG" in 2016 (EUR 725 million) and 2017 (EUR 1 billion), fraud in issuing the EUR 500 million bond and the 26 counts of market manipulation. For the remaining counts of breach of trust and fraud each carries up to ten years and an aggregate sentence up to fifteen. On 26 May 2026 the presiding judge set hearing dates up to 23 December 2026, saying this allowed no conclusion about when the trial would end, and on 19 June 2026 the court published further dates after a move of premises; no judgment had been announced. ^{1 2 3 4}

analysisAccording to a press report of 14 September 2026, presiding judge Markus Födisch said there were "no indications whatsoever" that the TPA business with partners in Dubai, Singapore and the Philippines existed, and called Braun's account that the profits had been embezzled by Marsalek's circle untenable "speculation"; Braun had then been in pre-trial detention without interruption since July 2020. The judge formally warned the three defendants that proceeds could be confiscated if they were convicted: almost EUR 39 million in Braun's case, most of it held by his personal investment company, more than EUR 6 million for Bellenhaus, who had confirmed the indictment in its essential points, and more than EUR 600,000 for von Erffa. These statements during the trial are not a judgment; the defendants are presumed innocent until a final verdict, and Braun maintains that the business existed and its proceeds were embezzled by others. ⁵

analysisAccording to a July 2022 press report based on another newspaper's information, von Erffa admitted to prosecutors that in early 2020 he had fabricated, after the event, an e-mail and a trustee request form for a EUR 50 million transfer Wirecard received in 2018 supposedly from an Asian trust account, documents that were passed to KPMG and EY, and called the forgery a one-off; according to the prosecutors as reported, the money came from an Asian partner that had borrowed EUR 100 million from Wirecard and returned half through opaque companies. This is a second-hand account, not a court finding. ⁶

analysisOn 12 December 2023 the prosecutor indicted the former chief financial officer "L.", whose description matches Burkhard Ley, finance director until the end of 2017, for misrepresentation, market manipulation, professional gang fraud, breach of trust and aiding these offences: he is accused of joining Braun, von Erffa, Bellenhaus and "M." in simulating the TPA business, of signing the 2015 and 2016 accounts, of aiding the others with advice after leaving and of breach of trust through Wirecard AG's guarantee of a Wirecard Bank loan to a Singapore company. On 31 July 2024 it indicted "von K." (finance) and "S." (product development), whose posts match Alexander von Knoop and Susanne Steidl, for breach of trust and aiding it over the December 2019 security deposit and the OCAP loans. In both cases the 12th commercial crime chamber was to decide whether to open a trial; no decision is in the record, and the charges are allegations. ^{1 2}

analysisThe prosecutor closed its investigation into the former treasurer Thorsten Holten, as his lawyer confirmed in July 2024, saying the accusations had proved entirely false; the legal basis is not given. A newspaper reported in May 2021 that the prosecutor had opened an investigation into the former supervisory board chairman Wulf Matthias, among other former supervisory board members, after investor complaints; Matthias told the Bundestag committee through his lawyer that he would use his right to remain silent, and no charge or outcome is recorded. On 30 March 2026 Singapore extradited Brigitte Häuser-Axtner to Germany, where she was wanted on suspicion of involvement in a criminal organisation, computer fraud and money laundering connected with the Wirecard group, after her arrest in November 2025 and her consent to extradition; Singapore police said she was not accused of offences in Singapore. ^{3 4 5 6}