Director of Citadelle Corporate Services, R. Shanmugaratnam was charged in Singapore for making false statements about Wirecard. He wrote letters that claimed the company held money in an escrow account when in fact it did not.
Shanmugaratnam faces for charges for making false statements with each carrying a maximum penalty of ten years imprisonment.
Citadelle was one of the Singapore entities implicated in the multi-layer financial fraud at the German payments group Wirecard. The Monetary Authority of Singapore (MAS) was investigating Citadelle for its connection to the scandal and alleged falsified accounts.
Since the Wirecard scandal blew up six weeks ago, CEO Markus Braun and other executives have been arrested. The company’s second in command and believed to be the mastermind behind the scandal Jan Marsalek, however, is still missing. He was thought to be hiding in the Philippines until recently but was discovered that immigration data that pointed to him being there was falsified. There is speculation that he is hiding in Russia.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.