Brief by Shorts91 Newsdesk / 03:35pm on 06 Jan 2026,Tuesday India Global
Indian-origin Singaporean R Shanmugaratnam, 59, was sentenced to 10 years imprisonment for falsifying documents in the Wirecard AG fraud case, while Briton James Henry O'Sullivan, 51, received six-and-a-half years. Shanmugaratnam, director of Citadelle Corporate Services, was convicted of 13 charges for falsifying balance confirmation letters between 2016-2018 with fraudulent intent. O'Sullivan was found guilty of five charges for abetting by instigating fraudulent letters. Both misrepresented to auditors that Wirecard AG held hundreds of millions of Euros in Citadelle's escrow accounts, though no money was actually held. Prosecutors called the falsification "unprecedented," with misrepresented balances ranging from €20 million to €327.5 million. Both men will appeal their convictions. (PC: HT)
