MAS, CAD issue joint probe on Citadelle, Senjo over Wirecard mishap

Both firms are also being probed over carrying on a trust business without a licence.

The Commercial Affairs Department (CAD) of the Singapore Police Force and the Monetary Authority of Singapore (MAS) have launched a joint investigation into Citadelle Corporate Services (Citadelle), Senjo Group and its subsidiaries (Senjo) for suspected falsification of accounts in relation to the Wirecard fraud scandal, a press release revealed.

The two firms are also probed over carrying on a trust business without a licence under the Trust Companies Act.

This follows after MAS, CAD and the Accounting and Corporate Regulatory Authority launched a joint investigation on Wirecard AG. The review surfaced reasons to suspect that offences may have been committed as CAD and MAS obtained documents and records from Citadelle and Senjo. They have interviewed persons involved in the companies.

“MAS is aware of media reports alleging that Citadelle has handled monies for Wirecard in a trustee capacity. The provision of trust services as a business in Singapore is an activity regulated by MAS under the Trust Companies Act. Citadelle is not licensed to provide trust business services in Singapore, and is not supervised by MAS,” the joint statement said.

The central bank has already listed Citadelle on the Investor Alert List on its website.