Ex-Wirecard CEO arrested on suspicion of falsifying accounts

Markus Braun released on 5m bail amid mystery of billions missing from German payments firm's books

The former chief executive of a company once regarded as one of Germany's hottest stocks - a payment processing company with ambitions to be a global leader in a world where cash was history - was yesterday bailed from police custody after posting a deposit of 5m (4.5m), public prosecutors in Munich said on Tuesday afternoon.

Markus Braun, 51, was arrested on Monday on suspicion of falsifying accounts at Wirecard. The once highly rated German business, operating in the go-go financial tech sector, has now admitted to a 1.9bn (1.7bn) hole in its balance sheet. Braun, who styled himself after Apple's Steve Jobs, wearing black turtleneck sweaters, is also accused of manipulating the markets.