‘It was a swindle from the beginning’: Key witness in Wirecard fraud trial gives evidence

Former chief executive Markus Braun's lawyers alleged Oliver Bellenhaus was the main perpetrator of the fraud at Wirecard, which began processing payments for pornography and online gambling

Former CEO of Wirecard Markus Braun denies wrongdoing and accuses others of running a shadow operation without his knowledge. Picture: Reuters 

The key prosecution witness in Germany's biggest post-war fraud trial admitted guilt in a scam that led to Wirecard's collapse, but said the company was a "swindle" from the start with former chief executive Markus Braun at its core.

Wirecard's downfall two years ago shook the German business establishment, putting politicians who had backed it and regulators who took years to investigate allegations against the payments company under intense scrutiny.