Shan Rajaratnam Fraud Allegations Fact-checked (2024)
German prosecutors believe that Asia and Dubai hold the key to uncovering the Wirecard crime. The reported billions that were supposed to be in escrow accounts but are nonexistent are likewise located here. The director of Wirecard in Dubai at the time, Oliver Bellenhaus, has already admitted to his role in fabricating paperwork to provide the auditors with fake third-party business. Bellenhaus told the court that Ruediger Trautmann, who was Wirecard’s COO at the time, may have been the one to reach out to the Asian trustees.
The Payabl Connection
During the crucial early years of Wirecard, Dietmar Knoechelmann and Ruediger Trautmann (LinkedIn) were prominent executives. In 2010 and 2009, respectively, the two departed from Wirecard and established Payabl (formerly PowerCash21). In a well-known Zatarra Report, former infamous Wirecard short-seller Fraser Perring asserts that Trautmann and Knoechelmann continued to operate within the Wirecard milieu beyond their formal departure. It is rumoured that one of the satellite businesses in the Wirecard shadow organisation was PowerCash21 (now Payabl). At the German division of the company, Payabl Solutions, Trautmann serves as CEO.
Under the supervision of the Central Bank of Cyprus, Payabl is a payment institution that operates on the Wirecard business model, focusing on high-risk retailers in the gaming, investing, and porn industries. Payabl is similar to Wirecard Mini-Me without criminal ingredients.
Trustees indicted
Rajaratnam Shanmugaratnam, also known as Shan Rajaratnam, is a director of Citadelle Corporate Services Pte Ltd in Singapore and one of the Asian trustees in the Wirecard system. Prosecutors accused him with 14 counts of document forgery in May 2022. He is accused of writing 14 letters on behalf of Citadelle to Wirecard, its affiliates, and an audit firm. In those letters, Citadelle purportedly stated that it had substantial amounts of money in its escrow accounts at different times between 2015 and 2017, even though it never kept such accounts or had such balances. There are still legal actions pending against Shan Rajaratnam.
Payabl (As claimed)
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