German procecutors searched Wirecard AG's headquarters as well as four other properties on Wednesday, as part of an investigation into the company's finances.

Three raids took place at the German electronic-payments company's properties in Munich and two more in Austria, said the Munich city prosecutor's office. Twelve prosecutors, 33 police officers and further IT specialists were involved.

The investigation is related to allegations of false statements and market manipulation that led to the arrest of the company's former Chief Executive Markus Braun after the company disclosed a $2 billion accounting hole. He was later released on bail.

Wirecard filed for insolvency proceedings last week.

Authorities had already searched Wirecard's business premises earlier in June. At the time, the prosecutor's office had initiated proceedings against the then four members of the company's management board.

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(END) Dow Jones Newswires

July 01, 2020 06:41 ET (10:41 GMT)