Former Wirecard boss Markus Braun released on bail

Former Wirecard boss Markus Braun, who was arrested yesterday on suspicion of falsifying the German payments firm’s accounts, has been released on bail.

Braun was released after paying his bail of €5 million.

Although a warrant against the 50-year-old Austrian has been lifted, he remains under investigation by Munich prosecutors who suspect him of misrepresenting Wirecard’s accounts and falsifying income.

Wirecard admitted yesterday that €1.9 billion (£1.7 billion) had gone missing, a black hole that threatens to engulf the payments company.

Wirecard said last week that auditor EY had refused to sign off on its 2019 accounts as it was unable to confirm the existence of the cash.

The one-time German tech darling is now holding emergency talks with its banks.