The suspect, who manages the DAX-listed company’s Dubai-based Card systems Middle East subsidiary, returned to Germany to hand himself into investigators, after which he was detained due to an outstanding arrest warrant against him, Munich prosecutors said.

He is to be arraigned before a judge later in the day.

The arrest warrant is based, among other things, “on a strong suspicion of collaborative fraud, and attempted collaborative fraud, in particular, serious cases and suspicion of complicity in other offenses’’, according to prosecutors.

Wirecard’s former chief executive, Markus Braun, was arrested last week on charges of falsifying Wirecard’s accounts and market manipulation.

The digital payment services company was left reeling after the massive hole in its accounts emerged last month.

Once a rising star of the German tech sector, the company has since launched insolvency proceedings.