A financial and technology corporation called Wire Card operated in the banking and mobile

payment sectors. The company was founded in 1999, and since then, there have been two
financial crises. The KPMG audit firm consultant bought the business and made an investment
in it in 2001. The financial times revealed in 2015 that the wire card company's books were
missing 2.1 billion dollars. The business refuted the allegations that money was vanishing and
asserted that a sizable sum had been put in philanthropic causes and environmental
preservation programs.

German billing and financial services provider Wirecard AG filed for bankruptcy in June 2020
after admitting that €1.9 billion of cash listed on its balance sheet was missing. One of the
biggest corporate accounting scandals in Europe resulted from this discovery, which also sent
financial markets into a tremendous shock.

KPMG started an independent inquiry to look into the company's accounting procedures after
the disclosure. The audit stated that it was impossible to validate the existence of cash balances
totaling €1.9 billion because there were major shortcomings in the company's governance,
accounting, and compliance activities.

Additionally, the inquiry revealed evidence of fraud and criminal conduct, as well as the fact that
Wirecard had overstated its revenue and earnings. Markus Braun, the CEO of the company,
and other top executives were subsequently detained and accused of market manipulation and
fraud.

The scandal's effects have been felt far and wide, with Wirecard's stock price plummeting and
other banks and investors suffering severe losses. The case has also brought up important
issues regarding the efficiency of European regulatory monitoring and the requirement for
greater accountability and transparency in the financial sector.