Singapore police probes Wirecard after report on fraud allegations

An executive in Singapore reportedly used forged contracts for suspicious transactions.

The Singapore police are looking into fraud allegations of the Singapore office of German digital payments company Wirecard AG, Bloomberg reports.

One of Wirecard’s legal advisers, Singapore law firm Rajah & Tann LLP, said it is unable to comment about the company because of “sensitivities.”

The Financial Times released a report detailing how a company executive in Singapore used forged contracts for several suspicious transactions. It cited a report from Rajah & Tann which said it said had identified potential civil and criminal violations in Singapore, Hong Kong, India, Malaysia, and Germany, findings that it said had formed the basis of a presentation to Wirecard’s senior management on 8 May 2018.

Wirecard has repeatedly denied wrongdoing, calling the stories “inaccurate, misleading and defamatory.” Wirecard said no presentation was made to its senior management on the matter that day.

“Regrettably, we cannot respond to your queries at the moment due to sensitivities,” an external spokesperson for the Singapore law firm told Bloomberg.

Read the full report here.

Photo by Ordercrazy - Own work, CC0

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