A British businessman has been arrested in Singapore over alleged links to a fraud connected to collapsed German payments group Wirecard.
Henry O’Sullivan, an adviser to Wirecard in Asia, is facing ten years in prison, a fine or both for his role in sending a false letter to one of the firm’s subsidiaries in the Middle East.
O’Sullivan, 46, has been accused of instructing Singaporean company Citadelle Corporate Services to forge a letter that claimed it was holding £74million in an escrow account in 2016.
Henry O’Sullivan, an adviser to Wirecard in Asia, is facing ten years in prison, a fine or both for his role in sending a false letter to one of the firm’s subsidiaries in the Middle East
But Singaporean authorities say Citadelle ‘did not manage said account’.
Wirecard had been hailed as one of Germany’s great technology stars until it collapsed last year after it found a £1.7billion black hole in its accounts.
Desperate bosses admitted they could not find money supposedly held by Asian banks.
O’Sullivan is accused of colluding with Citadelle director R Shanmugaratnam, who is alleged to have sent more than a dozen letters to Wirecard, its subsidiaries and an audit firm saying it held huge amounts of money in escrow accounts between 2015 and 2017.
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