Wirecard’s Indian deal started with ‘fraud’, UK judges say

A series of controversial deals that took place before Wirecard AG purchased an Indian business appeared to be an “evolving international fraud”, a panel of London judges said.

The transactions in 2015 are being scrutinised in courts in London and Chennai, with the former minority holders of Hermes I-Tickets Pvt. Ltd. saying they were cheated of millions of dollars. They allege they were duped into selling their stake in the business to the company’s majority shareholders only to see it sold on again at a vastly inflated price to Wirecard.