Former Wirecard CEO Markus Braun arrested

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Markus Braun, head of the directorate of technology and financial services company Wirecard, poses in the company headquarters in Aschheim near Munich, southern Germany, on September 18, 2018. (Photo by Christof MUSTACHE / AFP) (Photo credit should read CHRISTOF MUSTACHE/AFP/Getty Images)CHRISTOF MUSTACHE | AFP | Getty Images

Former Wirecard CEO Markus Braun was arrested on charges of inflating the balance sheet of the company, prosecutors in Munich said on Tuesday.Braun has resigned Friday after the German provider of payment services, said the auditors ernst & young could not locate 1.9 billion euros (2.1 billion dollars of cash on its balance sheet. On Monday, the company stated that it was likely that these funds do not exist.

Prosecutors have said that Braun was made on Monday evening and will be brought to an investigating judge on Tuesday, which will decide whether he should remain in detention.

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