Markus Braun, the former CEO of scandal-hit electronic payments organization Wirecard, has been arrested soon after the firm verified that the missing $2.1 billion did not exist, German Police told the media on Tuesday.

Munich prosecutors confirmed that Braun was arrested on suspicion of obtaining inflated the electronic payment firm’s stability sheet and gross sales via phony transactions, reports CNN.

He did this in get to make the business more attractive to buyers and consumers.

Braun was probably to be released from custody on a bail of $5.7 million, in accordance to the prosecutors.

The mystery of lacking $2.1 billion

“The Management Board of Wirecard assesses on the basis of more examination that there is a prevailing probability that the lender have faith in account balances in the amount of 1.9 billion EUR do not exist,” the corporation claimed in a statement.

Braun resigned last Friday following global market consulting company EY explained the money, which tends to make up roughly a quarter of the firm’s property, could not be located.

The central bank of Philippines said that none of the funds appears to have entered the country’s economic method. The central financial institution is also investigating the circumstance.

The German firm has withdrawn its fiscal effects for 2019 and for the 1st quarter of 2020.

Started in 1999, Wirecard was at the time considered a single of the most promising tech companies in Europe. It procedures payments for buyers and firms, and sells data analytics providers.

The company has practically 6,000 personnel in 26 nations all-around the world.

(With inputs from IANS)