On 19 June Markus Braun, CEO of Wirecard, announces his resignation as details of large-scale fraud unfolds at what was one of Europe`s most valued fintech companies. The group for the first time acknowledges the scale of a multiyear accounting fraud, warning that €1.9bn of cash on its balance sheet probably does “not exist”. Its shares collapse by more than 80%. The German financial watchdog BaFin calls the scandal a “complete disaster”. Tracing the case since 2019, the FT reports at the centre of the affair is Wirecard’s “third-party acquiring” business. It handles credit card payments for businesses and was supposedly outsourcing some payment processing to third parties. Whistleblower allegations led to discovery that clients listed in documents prepared for auditor EY did not exist. Deposits Wirecard said it held in escrow accounts at two Asian banks could not be confirmed by the banks.