Braun was Wirecard's largest shareholder and served as the CEO for nearly two decades

Former Senior Markets Reporter

Wirecard's recently departed Chief Executive Markus Braun was arrested by German police Tuesday, just days after the payments company revealed a $2bn hole in its books.

Munich city prosecutors said he was arrested on suspicion of presenting 

. It was a swift turn of events for Braun, who was Wirecard's largest shareholder and served as the CEO for nearly two decades until he resigned on 19 June.

German police arrest Wirecard chief executive Markus Braun

Paul J. Davies

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