At the time of writing, Wirecard AG (ETR: WDI) stock has collapsed; falling 92.5% from its high in 2018.

The dropoff is so steep that roller coaster designers must be taking notes. What is Wirecard? But unlike a roller coaster track, it does not look like Wirecard will be going back up as the German financial services provider are currently under investigation for accounting fraud. Reportedly, there is €1.9 billion (S$2.98 billion) in cash missing as of June 2020, and the prevailing likelihood that the company is insolvent. The whole accounting fraud case and investigation first reported on by the Financial Times (FT) goes as far back as 2018. It even involves Singapore, as police raided the Wirecard offices in Singapore back in Feb 2019 to investigate allegations of fraud. To help you unpack this case, we will break it down by highlighting the key events that unfolded and explaining the case....