The Wirecard scandal trial launched on July 9, 2025, at the Munich Regional Court with insolvency administrator Michael Jaffé’s testimony. Jaffé detailed the extensive financial misconduct within Wirecard, highlighting that over 1.1 billion euros were spent to maintain a fabricated 'success story' with no real business activities to justify reported earnings, particularly the alleged foreign third-party acquirer (TPA) business. Jaffé disputed ex-CEO Markus Braun's defense that embezzlement by the ex-board and associates caused the company’s collapse, stating there was no evidence for such a network or the existence of the billions in accounts. Additionally, 1.9 billion euros in trustee funds supposedly held in the Philippines were never found; conversations with the alleged trustee and bank document forgeries confirmed. The defendants facing charges include Braun, former CFO Stephan von Erffa, and Dubai head Oliver Bellenhaus. The trial is well advanced, with testimony seen as summarizing the evidence. Officials expect a verdict by late 2025 or early 2026. The Wirecard collapse remains one of the biggest financial frauds in Germany’s history, highlighting deep systemic failures and massive investor losses.

The Wirecard scandal trial launched on July 9, 2025, at the Munich Regional Court with insolvency administrator Michael Jaffé’s testimony. Jaffé detailed the extensive financial misconduct within Wirecard, highlighting that over 1.1 billion euros were spent to maintain a fabricated 'success story' with no real business activities to justify reported earnings, particularly the alleged foreign third-party acquirer (TPA) business. Jaffé disputed ex-CEO Markus Braun's defense that embezzlement by the ex-board and associates caused the company’s collapse, stating there was no evidence for such a network or the existence of the billions in accounts. Additionally, 1.9 billion euros in trustee funds supposedly held in the Philippines were never found; conversations with the alleged trustee and bank document forgeries confirmed. The defendants facing charges include Braun, former CFO Stephan von Erffa, and Dubai head Oliver Bellenhaus. The trial is well advanced, with testimony seen as summarizing the evidence. Officials expect a verdict by late 2025 or early 2026. The Wirecard collapse remains one of the biggest financial frauds in Germany’s history, highlighting deep systemic failures and massive investor losses.