Wirecard's India deal started with 'fraud': London judges panel

Hermes was sold at a valuation of $40 million, before being acquired by Wirecard for more than $250 million

A series of controversial deals that took place before Wirecard AG purchased an Indian business appeared to be an “evolving international fraud”, a panel of London judges has said.
 
The transactions in 2015 are being scrutinised in courts in London and Chennai, with the former minority holders of Hermes I-Tickets saying they were cheated of millions of dollars. They allege that they were duped into selling their stake in the business to the company’s majority shareholders only to see it sold on again at a vastly inflated price to Wirecard.
 
On Monday, UK appellate judges said that the