Singapore launches probe into Citadelle, Senjo after Wirecard review
CGTN
VCG Photo

VCG Photo

Singapore authorities launched an investigation into Citadelle Corporate Services, Senjo Group and its subsidiaries after scrutinizing collapsed German payments firm Wirecard's local operations.

The joint investigation was for "suspected falsification of accounts," and for "carrying on a trust business without a license," the Commercial Affairs Department (CAD) – the Singapore police unit that deals with white collar crime – and the Monetary Authority of Singapore (MAS) said in a statement on Friday.

"The review surfaced reasons to suspect that offences may have been committed," the authorities said on Friday.

As part of the investigation, CAD and MAS have obtained documents and records from Citadelle and Senjo, and have interviewed persons involved in the companies.

Senjo's website says it is a payments operator, while Citadelle provides company formation and administration services.

Emails sent to Senjo Group and Citadelle to the addresses listed on their websites could not be delivered. Wirecard said it was not making any statements at this time.

German payment service provider Wirecard admitted late last month that about 1.9 billion euros are missing, fueling fraud suspicions and leading the company to collapse.

Source(s): Reuters