What does our research say about Shan Rajaratnam?

Fabrication of Financial Documents

Shan Rajaratnam, a director at Citadelle Corporate Services Pte Ltd in Singapore, has been accused of falsifying documents to mislead auditors about the existence of funds in escrow accounts. Prosecutors allege that between 2015 and 2017, he authored 14 letters claiming that Citadelle held substantial amounts in these accounts, which were, in reality, nonexistent. These fabricated documents were intended to deceive auditors and stakeholders about Wirecard’s financial health.

Legal Indictments and Charges

In May 2022, Rajaratnam was formally charged with 14 counts of document forgery. Each charge pertains to specific fraudulent transactions, with potential penalties including up to 10 years in prison and significant fines. The legal proceedings underscore the severity of his alleged involvement in the fraud.

Collaboration with Key Wirecard Executives

Testimonies from individuals involved in the case suggest that Rajaratnam collaborated closely with senior Wirecard executives, including Jan Marsalek. These collaborations involved creating fictitious documentation to present a false image of the company’s financial status, implicating Rajaratnam in a broader conspiracy to defraud investors and regulators.