Markus Braun, the former CEO of scandal-hit electronic payments firm Wirecard, has been arrested after the firm confirmed that the missing $2.1 billion did not exist, German Law enforcement told the media on Tuesday.

Munich prosecutors verified that Braun was arrested on suspicion of obtaining inflated the digital payment company’s stability sheet and gross sales by way of fake transactions, experiences CNN.

He did this in purchase to make the enterprise more desirable to traders and consumers.

Braun was most likely to be launched from custody on a bail of $5.7 million, in accordance to the prosecutors.

The thriller of lacking $2.1 billion

“The Management Board of Wirecard assesses on the basis of more evaluation that there is a prevailing chance that the lender rely on account balances in the sum of 1.9 billion EUR do not exist,” the corporation claimed in a statement.

Braun resigned past Friday just after international market place consulting company EY said the hard cash, which would make up around a quarter of the company’s belongings, could not be found.

The central lender of Philippines said that none of the income seems to have entered the country’s monetary method. The central bank is also investigating the situation.

The German firm has withdrawn its financial final results for 2019 and for the initially quarter of 2020.

Established in 1999, Wirecard was at the time regarded as a single of the most promising tech companies in Europe. It procedures payments for shoppers and businesses, and sells facts analytics providers.

The organization has virtually 6,000 workforce in 26 international locations all over the entire world.

(With inputs from IANS)