Former CEO of German payments firm Wirecard arrested on suspicion of falsifying accounts, after the company disclosed a $2.1B financial hole and questioned whether trustees had actually held money on its behalf.
Braun, whose lawyer was not available for comment, said last week in a video statement that Wirecard may have been the victim of fraud, without giving details.
An external audit by KPMG in April had failed to verify cash balances, questioned Wirecard's acquisition accounting and was unable to trace millions in reported cash advances to merchants. Wirecard's shares have since shed more than 80 percent and its only listed bond is trading at 25 cents on the euro, indicating that investors expect to lose most of their money.
With Wirecard having failed to file audited financials, the banking consortium led by Germany's Commerzbank could call in the loans at any time.
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