Authorities confiscate 25 million euros

Dusseldorf, Berlin, New York Almost two years after the collapse of Wirecard, new evidence of irregularities has surfaced. According to information from the Handelsblatt, the Indian authority to combat white-collar crime has confiscated assets worth the equivalent of almost 25 million euros. They flowed as black money – in addition to the official purchase price of 35 million euros for the takeover of the payment business of the Great India Retail Group in autumn 2015.

The largest acquisition in the history of Wirecard is also considered the largest single fraud in the long chain of undesirable developments of the former Dax group. The Indian brothers Ramu and Palaniyapan Ramasamy founded the Great India Retail Group in 2007, and in late summer 2015 they sold the company to the EMIF1A fund in Mauritius for EUR 35 million. A few weeks later, Wirecard took over the group – for 315 million euros.