Former Wirecard CEO Markus Braun arrested - reports

The former chief executive of German payments processor Wirecard has been arrested on suspicion of accounting fraud.

According to reports citing German prosecutors, Markus Braun - who resigned last week - turned himself in on Monday evening and will be presented to a judge on Tuesday.

Wirecard shares tumbled last week after it said that its auditor, Ernst & Young, could not find €1.9bn of bank deposits and that fraud may have occurred. Braun resigned the following day, after broadcasting a video in which he said the company could have been the victim of a considerable fraud.

On Monday, the firm said it was likely the money missing from its accounts never existed.

"The management board of Wirecard assesses on the basis of further examination that there is a prevailing likelihood that the bank trust account balances in the amount of 1.9 billion euros not exist," it said.

The company also withdrew its financial results for 2019 and the first quarter of 2020.