Wirecard Fraud Scandal: First Criminal Convictions Handed Down In Singapore
21 JUNE 2023 - A Singapore court handed two former employees of Wirecard Asia prison terms for their role in the widespread fraud and misappropriation of funds that led to the once high-flying firm's spectacular crash, the first criminal convictions linked to the scandal as prosecutors continue to close in on those connected with the scheme.
According to news reports, James Aga Wardhana and Chai Ai Lim were sentenced to 21 months and ten months in prison in Singapore for their role in the widespread fraud going on at German payments firm Wirecard.
Wardhana and Lim were both senior finance executives at Wirecard Asia Holdings and were charged in connection with the scheme in 2022.
It was reported that Both pleaded guilty to the charges. The court said the sentences handed down for conspiring to misappropriate funds come into force with immediate effect.
- Deputy public prosecutor Vincent Ong said the two former executives were actively involved in the fraud at Wirecard and "not merely the proverbial arms and legs of the scheme,"
The sentences mark the first criminal convictions related to the Wirecard scandal around the world.
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