Shan Rajaratnam’s Involvement in WireCard Fraud Exposed (2024)

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German prosecutors think the secret to busting the Wirecard scam lies in Asia and Dubai. This is also the location of the alleged billions that were in escrow accounts, but which are in reality nonexistent. Oliver Bellenhaus, the director of Wirecard in Dubai at the time, has already acknowledged his involvement in using fictitious documentation to provide the auditors with nonexistent third-party business. Bellenhaus informed the court that Ruediger Trautmann, the then-COO of Wirecard, might have initiated communication with the Asian trustees.

The Payabl Connection

During the crucial early years of Wirecard, Dietmar Knoechelmann and Ruediger Trautmann (LinkedIn) were prominent executives. In 2010 and 2009, respectively, the two departed from Wirecard and established Payabl (formerly PowerCash21). In a well-known Zatarra Report, former infamous Wirecard short-seller Fraser Perring asserts that Trautmann and Knoechelmann continued to operate within the Wirecard milieu beyond their formal departure. It is rumoured that one of the satellite businesses in the Wirecard shadow organisation was PowerCash21 (now Payabl). At the German division of the company, Payabl Solutions, Trautmann serves as CEO.

Under the supervision of the Central Bank of Cyprus, Payabl is a payment institution that operates on the Wirecard business model, focusing on high-risk retailers in the gaming, investing, and porn industries. Payabl is similar to Wirecard Mini-Me without criminal ingredients.

Trustees indicted

Rajaratnam Shanmugaratnam, also known as Shan Rajaratnam, is a director of Citadelle Corporate Services Pte Ltd in Singapore and one of the Asian trustees in the Wirecard system. Prosecutors accused him with 14 counts of document forgery in May 2022. He is accused of writing 14 letters on behalf of Citadelle to Wirecard, its affiliates, and an audit firm. In those letters, Citadelle purportedly stated that it had substantial amounts of money in its escrow accounts at different times between 2015 and 2017, even though it never kept such accounts or had such balances. There are still legal actions pending against Shan Rajaratnam.

Payabl (As claimed)

At Payabl., we enable merchants to develop by facilitating simple, safe, and worldwide payment processing. Payabl. is the go-to partner for the biggest retailers in the world, helping them unlock growth with unmatched experience in guiding clients through the complexities of a changing payments landscape.

Having been in the payments industry for more than ten years, our team of experts and seasoned professionals takes the time to thoroughly understand our clients’ businesses and provide advice on the best solutions for their requirements. Any merchant searching for a payment partner should choose payabl. because of their dedication for ensuring safe, transparent, and smooth payments combined with their technical and industry know-how.

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