A London court has delivered a seismic verdict in the ongoing saga of Wirecard, the collapsed German fintech giant: six Bulgarian nationals have been convicted and sentenced for spying on behalf of Russian intelligence, acting under the direct orders of Wirecard’s fugitive former COO, Jan Marsalek. This marks the first time a court has definitively established that Wirecard, under Marsalek’s leadership, was not just a vehicle for financial fraud but also a hub for Russian espionage activities spanning Europe.
The Wirecard Scandal: From Fintech Star to Criminal Collapse
Wirecard, once celebrated as a German tech champion, imploded spectacularly in June 2020 after it was revealed that €1.9 billion was missing from its accounts. The scandal exposed a web of accounting fraud, money laundering, and regulatory failure, leaving creditors with nearly $4 billion in losses and shattering confidence in Germany’s financial oversight.
The company’s CEO, Markus Braun, an Austrian national, was arrested and faces ongoing criminal proceedings in Munich for fraud, breach of trust, and accounting manipulation. Braun maintains his innocence, claiming to be a victim of internal deception.
Jan Marsalek: The Fugitive COO Turned Russian Spy
Jan Marsalek, an Austrian national and Wirecard’s former Chief Operating Officer, vanished in June 2020 as the scandal broke open. He has since been unmasked as a key Russian intelligence asset, orchestrating espionage operations across Europe while on the run. Evidence from the UK trial revealed thousands of encrypted messages and cryptocurrency payments from Marsalek to Orlin Roussev, the convicted leader of the Bulgarian spy ring. The group surveilled journalists, dissidents, and Ukrainian soldiers, and even discussed supplying drones for Russia’s war in Ukraine and trading blood diamonds.
Marsalek’s ties to Russian intelligence run deep. He reportedly lived across from the Russian consulate in Munich, maintained close contact with the Russian GRU, and was involved in clandestine schemes to influence Austrian intelligence and European security. His ambitions went as far as plotting to seize control of Austria’s secret service, a move that could have handed Moscow access to Western intelligence.
The UK Espionage Conviction: A New Chapter in the Wirecard Saga
The Old Bailey’s conviction of the six Bulgarians, with sentences up to ten years, is a watershed moment. The court found they acted on Marsalek’s instructions, confirming that Wirecard’s collapse was not only a financial catastrophe but also a front for Russian intelligence operations. Marsalek remains at large, believed to be in Russia under the protection of the GRU, and is subject to an Interpol red notice.
Ringleader Orlin Roussev, 47, who led the spy ring, was sentenced to 10 years and eight months. He had admitted his role along with his second-in-command, Biser Dzhambazov, 44, who was jailed for 10 years and two months and Ivan Stoyanov, 33, who was handed five years and three weeks in prison.
Female “honeytrap” agents Katrin Ivanova, 33, and Vanya Gaberova, 30, and competitive swimmer Tihomir Ivanov Ivanchev, 39, were found guilty. Gaberova was jailed for six years, eight months and three weeks. Her ex-boyfriend Ivanchev was sentenced to eight years in prison.
Ongoing Criminal Proceedings
Legal fallout from the Wirecard scandal continues worldwide:
- Markus Braun, former CEO, is on trial in Munich for fraud and market manipulation, facing up to 15 years in prison if convicted. He denies wrongdoing and claims to be a scapegoat.
- In Singapore, criminal proceedings are ongoing against a former Wirecard trustee and a former business partner, both accused of embezzlement and money laundering related to Wirecard’s Asian operations.
- The fate of the €1.9 billion that vanished-allegedly through Wirecard’s Asian subsidiaries-remains a mystery. Whether these funds were siphoned off to support Russian intelligence remains unproven, but the court’s findings raise new questions about the intersection of financial crime and espionage.
Read our Wirecard reports here.
Conclusion: Wirecard as a Russian Espionage Platform
The UK court’s verdict shatters any lingering illusions: Wirecard, under Jan Marsalek, was not merely a financial fraud but an operational arm of Russian intelligence in Europe. The company’s collapse exposed not just regulatory failures and investor naivety, but a breathtaking fusion of white-collar crime and state-sponsored espionage. The full extent of the damage-financial, political, and strategic-may never be known. But one thing is now certain: the Wirecard affair is no longer just a cautionary tale of corporate malfeasance, but a chilling chapter in the story of modern European espionage.
