Published by Global Banking & Finance Review®
Posted on January 6, 2026
2 min readLast updated: January 20, 2026
Add as preferred source on GoogleTwo businessmen in Singapore were sentenced for falsifying documents in the Wirecard fraud case, contributing to the company's collapse.
SINGAPORE, Jan 6 (Reuters) - A Singapore court sentenced two businessmen to lengthy jail terms on Tuesday for falsifying documents that tricked auditors into believing payments firm Wirecard had hundreds of millions of euros in bank accounts, local media reported.
Wirecard collapsed in 2020 in Germany's biggest post-war fraud scandal after conceding that 1.9 billion euros ($2.23 billion) it had booked in its accounts had never existed.
Singaporean R Shanmugaratnam, 59, and Briton James Henry O'Sullivan, 51, were given jail terms of 10 years and six-and-a-half years' respectively, local news outlet CNA reported.
The court did not immediately respond to a request for confirmation of the decision.
Shanmugaratnam and O'Sullivan had taken instructions from senior Wirecard executives then issued false confirmation letters, intentionally misrepresenting to auditors that the fintech startup had hundreds of millions in euros held in escrow bank accounts of Singapore accounting form Citadelle, reported CNA.
In September, Citadelle's director Shanmugaratnam was convicted of 13 charges for falsifying 13 balance confirmation letters between 2016 and 2018, while O'Sullivan, who had used Citadelle's services to set up Singapore companies, was found guilty of five charges of abetting Shanmugaratnam, according to CNA.
Both men would appeal the sentences and convictions, it said.
($1 = 0.8536 euros)
(Reporting by Xinghui Kok; Editing by Martin Petty)
Fraud is a wrongful or criminal deception intended to result in financial or personal gain. In finance, it often involves falsifying information to mislead investors or auditors.
Compliance refers to the act of adhering to laws, regulations, and guidelines set by governing bodies. In finance, it ensures that companies operate within legal frameworks to prevent fraud and protect investors.
A financial crisis is a situation in which the value of financial institutions or assets drops rapidly. It often leads to a loss of confidence in the financial system and can result in economic downturns.
An investor is an individual or entity that allocates capital with the expectation of a financial return. Investors can be involved in various markets, including stocks, bonds, and real estate.
An accounting firm is a business that provides accounting services, including auditing, tax preparation, and consulting. These firms help organizations manage their financial records and ensure compliance with regulations.
Explore more articles in the Finance category
