Wirecard files for insolvency amid German accounting scandal

Move comes after former CEO at payments firm held on suspicion of falsifying accounts

German payments giant Wirecard has filed for insolvency in the midst of a major accounting scandal linked to a 1.9bn (1.7bn) hole in its finances.

The development comes just days after its former chief executive Markus Braun was arrested on suspicion of falsifying accounts at the company, which processes tens of billions of euros in credit and debit transactions every year. He was arrested after presenting himself to police, according to German media