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Chennai-based firm at the centre of German fintech 'skandal'
The New Indian Express
|November 23, 2024
A recent order issued by the Enforcement Directorate's adjudication authority in Chennai has brought out a TN firm's crucial link to the scandal that led to Germany's biggest Fintech firm 'Wirecard' becoming insolvent after an expose by London-based Financial Times.
The alleged crime spawned a book and a Netflix documentary titled "Skandal! Bringing Down Wirecard".
In the October 30 order, the ED authority said that Wirecard had jacked up the price it paid in 2016 to acquire Chennai-based Fintech firm Hermes I Tickets Pvt Ltd (HITPL) from ₹275 crore to ₹2,400 crore by routing the transaction through a Mauritius-based entity Emerging Markets Investment Fund (EMIF).
The agency said the transaction was a "pre-planned insider agreement to divert the differential sale proceeds" as HITPL was not worth the valuation.
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