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Report: Wirecard sued in London over deal in India

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Report: Wirecard sued in London over deal in India

Two former minority shareholders of an Indian business sold to Wirecard AG have filed a lawsuit against the German payments company in London for its alleged role in concealing the deal, Bloomberg News reported.

Wirecard acquired Hermes I-Tickets Private Ltd. in 2015 for at least $200 million more than what was paid by Mauritius-based Emerging Markets Investment Fund 1A to acquire the company in an earlier transaction, the March 15 report said, citing a 2017 lawsuit filed by the investors. The investors allege that they were misadvised to sell their stakes in the business in the first transaction by former majority owners Ramu Ramasamy and Palaniyapan Ramasamy, the report added.

It is not clear yet how Wirecard was involved, and the German company said it was not aware of the lawsuit, Bloomberg noted.