Singaporean and Briton get jail time for $1.6b Wirecard fraud
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Singaporean R Shanmugaratnam and Briton James Henry O'Sullivan were sentenced to jail on Tuesday (Jan 6) for falsifying accounts in relation to collapsed German payments company Wirecard, according to police on Thursday.Shanmugaratnam, 59, received 10 years'Singaporean and Briton get jail time for $1.6b Wirecard fraud
Singaporean R Shanmugaratnam and Briton James Henry O'Sullivan were sentenced to jail on Tuesday (Jan 6) for falsifying accounts in relation to collapsed German payments company Wirecard, according to police on Thursday.Shanmugaratnam, 59, received 10 years' jail time, while O'Sullivan, 51, got 6.5 years.Both were convicted on Sept 22, 2025, following a joint trial between July 31, 2023 and Feb 21, 2025 over 26 days, police stated.Shanmugaratnam is a director of a local accounting and auditing company, Citadelle Corporate Services Pte Ltd, who was alleged to have issued 13 balance confirmation letters to Wirecard entities between March 2016 and April 2018.The letters were found to have fraudulently represented to Wirecard, its subsidiaries, and its auditors that Citadelle held over €1.1 billion ($1.6 billion) in Wirecard funds in escrow accounts.Shanmugaratnam was subsequently convicted of 13 counts of falsification of accounts.














