Director of Citadelle Corporate Services, R. Shanmugaratnam was charged in Singapore for making false statements about Wirecard. He wrote letters that claimed the company held money in an escrow account when in fact it did not.
Shanmugaratnam faces for charges for making false statements with each carrying a maximum penalty of ten years imprisonment.
Citadelle was one of the Singapore entities implicated in the multi-layer financial fraud at the German payments group Wirecard. The Monetary Authority of Singapore (MAS) was investigating Citadelle for its connection to the scandal and alleged falsified accounts.
