Sample report

Adverse Media Check

Adverse Media Report

Subject: — German payments processor

CONFIDENTIAL / SAMPLE

Product: Adverse Media Check
Assessment date: 2 Oct 2026
Information cut-off: 2 Oct 2026, the date of the run
Research coverage: Global (English) · local (German) · follow-up
Sources: 8 cited, from 23 retrieved results
Classification: Sample · subject identity redacted

This is a redacted web rendition of an Adverse Media Check run on 2 Oct 2026 from a demonstration account, on the same software release customers use. It is not a current screening result: nothing published after the run date is covered, and the cited pages may change. Wording follows the report; the subject's name and the names of individuals are redacted.

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1 · Executive summary

€1.9 billion that likely never existed

Executive summary

Public-source reporting and official statements link to a major accounting and fraud-related scandal. filed for insolvency in June 2020 after reporting that €1.9 billion recorded in its accounts likely did not exist. German prosecutors subsequently brought charges against former executives in connection with alleged false financial reporting, market manipulation, fraud and breach of trust; these allegations remain subject to judicial determination. Related proceedings in Singapore resulted in convictions of former Asia employees for offences involving the subsidiary.

Findings at a glance

3.1Insolvency filing
3.2Alleged financial-reporting, fraud and market-manipulation scheme
3.3Charges against former executives and personnel
3.4Further alleged breach-of-trust offences
3.5Limitation of issues in the Munich criminal proceedings
3.6Criminal convictions involving a subsidiary

Assessment date2 Oct 2026

2 · Research coverage

Research coverage

Completed global English-language coverage and completed German local-language coverage were reviewed. A focused follow-up round was completed after review of the global evidence.

Search rounds

Global: English · completed · 10 results
Local: German · completed · 10 results
Follow-up: English · completed · 10 results
Sources: 23 unique results retrieved · 8 cited in the report

A completed round with no result is not evidence that the entity is clear.

3 · Key findings

Key findings

Each finding states whether it is a reported allegation or a public action and links to the source it rests on.

Public action25 Jun 2020

3.1Insolvency filing

On 25 June 2020, filed for the opening of insolvency proceedings. The European Parliament briefing states that the filing followed 's announcement that €1.9 billion purportedly held in an escrow account did not exist. Reuters reported on 22 June 2020 that said the €1.9 billion recorded in its accounts likely never existed.

Sources02 01

Allegation and prosecutorial action22 Jul 2020

3.2Alleged financial-reporting, fraud and market-manipulation scheme

On 22 July 2020, the Munich I Public Prosecutor's Office announced arrests and an expanded investigation concerning suspected commercial gang fraud involving approximately €3.2 billion. Prosecutors alleged that certain former executives and other individuals agreed in 2015 to inflate 's balance-sheet total and revenues through purported third-party-acquirer business, and to use allegedly false financial statements in obtaining financing. These were prosecutorial allegations, not findings of guilt.

Source03

Public action10 Mar 2022

3.3Charges against former executives and personnel

On 10 March 2022, the Munich I Public Prosecutor's Office filed charges against 's former chief executive, former head of accounting, and a former manager of a Dubai-based indirect subsidiary. The prosecutor stated that the alleged facts, including allegedly false consolidated financial statements from 2015 to 2018, remained to be proven in court. In December 2023, it brought further charges against 's former CFO, alleging false representation, market manipulation, commercial gang fraud, breach of trust and aiding-and-abetting offences.

Sources04 05

Public action31 Jul 2024

3.4Further alleged breach-of-trust offences

On 31 July 2024, the Munich I Public Prosecutor's Office filed charges against two further former board members for alleged multiple breaches of trust, including allegations concerning a €40 million unsecured "security deposit" through subsidiaries and arrangements involving merchant-cash-advance lending. The prosecutor expressly stated that the alleged facts remained to be proven in court.

Source06

Court action27 Feb 2025

3.5Limitation of issues in the Munich criminal proceedings

On 27 February 2025, the Munich I Regional Court limited the scope of the criminal case against former executives, discontinuing pursuit of certain allegations, including allegations concerning the 2015 consolidated financial statements, specified guarantees and loans, certain financing transactions, and 26 alleged instances of market manipulation. The court stated that remaining alleged fraud and breach-of-trust offences continued to involve an expected very high total loss. This procedural limitation does not constitute a determination on the underlying allegations.

Source07

Criminal conviction20 Jun 2023

3.6Criminal convictions involving a subsidiary

On 20 June 2023, a Singapore court sentenced two former Asia employees for offences involving the embezzlement of funds from Asia. One individual was sentenced to 10 months' imprisonment for abetting a conspiracy to embezzle from the subsidiary's bank account; another received 21 months' imprisonment after pleading guilty to offences including criminal breach of trust, falsification of an invoice and transfer of criminal proceeds.

Source08

4 · Timeline of key events

Timeline of key events

Compiled from the dated findings above. Each entry links to the source the report cites for it.

22 Jun 2020 says the €1.9 billion recorded in its accounts likely never existed.Source01
25 Jun 2020 files for the opening of insolvency proceedings.Source02
22 Jul 2020Munich I prosecutors announce arrests and widen the investigation to suspected commercial gang fraud of about €3.2 billion.Source03
10 Mar 2022Prosecutors charge the former chief executive, the former head of accounting and a former manager of a Dubai-based indirect subsidiary.Source04
20 Jun 2023A Singapore court sentences two former Asia employees for offences involving embezzlement from the subsidiary.Source08
Dec 2023Prosecutors charge the former CFO.Source05
31 Jul 2024Prosecutors charge two further former board members with alleged breaches of trust.Source06
27 Feb 2025The Munich I Regional Court narrows the criminal case against former executives; the remaining fraud and breach-of-trust charges continue.Source07

5 · Sources

Source register

The 8 sources the report cites, in the report's order. Titles stay in their original language; names are redacted in the titles but not in the links.

Every finding links to the page the report rests on. All 8 links were opened and checked against the findings before publication.

END OF SAMPLE

Sample report · Adverse Media Check · subject identity redacted