A fresh cross-border investigation has unearthed striking new details about fugitive former Wirecard COO Jan Marsalek: current photos, travel and phone-location data tying him to Moscow—and allegations that he fought on Russia’s side in the Ukraine war. Meanwhile, ex-CEO Markus Braun, Marsalek’s fellow Austrian on Wirecard’s board, remains on trial in Munich and continues to pin the scandal on his vanished COO and an alleged criminal network. In a 2023 letter filed via his lawyers, Marsalek himself asserted that Wirecard’s controversial Third-Party Acquirer (TPA) business in Asia was real—an assertion now sitting uneasily beside mounting evidence of his deep entanglement with Russian intelligence and espionage operations in Europe.
Key Points
- New investigation locates Marsalek in Moscow under false identities, logging repeated proximity pings to the FSB headquarters at Lubyanka and showing him in military kit emblazoned with a “Z”—with partners reporting he “is said to have fought” for Russia in Ukraine. (Allegations remain untested in court.) (Sources: ZDFheute+1).
- Braun’s Munich trial continues into its third year; prosecutors narrowed charges to speed proceedings, but the core fraud counts remain. Braun denies wrongdoing, blaming Marsalek (Sources: Financial Times+1).
- Marsalek’s 2023 letter to the Munich court (via counsel) affirmed the existence of the Asian TPA business, a central pillar of Braun’s defense. The court acknowledged receipt; German media reported the contents (Sources: Reuters).
- U.K. espionage cases and official CPS materials describe a Russian spy ring reporting to Marsalek, with London proceedings revealing discussions about drones for Russia’s war, weapons deals, and mercenary logistics.
What Der Standard and Partners Add Today
An international media consortium (Der Standard, ZDF, Spiegel, PBS Frontline, and The Insider) published new findings showing Marsalek living in Moscow under multiple false identities. Phone-location records reportedly placed a device linked to him hundreds of times near the FSB’s Lubyanka HQ in 2024; CCTV-style imagery depicts routine commutes toward the building. One partner’s report features a photo of Marsalek in Russian combat attire—raising the allegation he participated in Russia’s war in Ukraine. Again: these are journalistic findings and allegations, not judicial findings (Sources: ZDFheute).
This builds on 2024–2025 investigative work tying Marsalek to GRU/FSB networks and operational roles after Wirecard’s collapse, including stories by Der Spiegel, The Insider and PBS (Sources: Der Spiegel).
The Spy-Ring Through-Line: From London to Moscow
The U.K.’s Old Bailey cases against a Bulgarian spy cell paint Marsalek as a tasking “controller” for Russian services. The Crown Prosecution Service summarizes that the ring’s leader reported to Marsalek; separate courtroom reporting details drone procurement for the Ukraine front, weapons/“blood diamond” deals and mercenary facilitation. Austria has also probed connected disinformation operations in German-speaking countries with links to Marsalek.
The Braun Trial: Where Things Stand
The Munich trial of Markus Braun, launched in December 2022, continues through 2025 after prosecutors dropped some counts to accelerate proceedings; core fraud allegations remain. Courts have also awarded damages in related civil actions. Throughout, Braun’s line has stayed consistent: Marsalek masterminded the fraud, deceiving him via shadow networks and the TPA construct.
Marsalek’s 2023 Letter: The TPA Claim Re-enters the Frame
In July 2023, via his lawyers, Marsalek sent an eight-page letter to the Munich court. While prosecutors did not comment on content, reputable outlets (citing WirtschaftsWoche) reported that Marsalek affirmed the reality of Wirecard’s Asian TPA business—a point central to Braun’s defense—and attacked the credibility of state witness Oliver Bellenhaus. That stance now clashes with reporting that paints Marsalek as an active Russian asset, possibly even combat-adjacent, after fleeing in 2020.
Why This Matters
Wirecard’s implosion—€1.9 billion in fictitious cash and a bust that torched billions in value—remains one of Europe’s largest financial crime cases. The latest Marsalek revelations don’t merely add color; they reshape motive and means:
- State-adjacent cover & logistics: Moscow shelter and intelligence protection explain how Marsalek stayed beyond reach and allegedly orchestrated operations abroad (Sources: ZDFheute).
- Security-risk overlay: What began as a balance-sheet fraud now bleeds into national-security terrain (spying, procurement for warfare, disinformation) (Sources: cps.gov.uk).
- Defense at risk: If courts increasingly accept that the TPA business was a smokescreen, Marsalek’s letter looks like narrative management, not rebuttal. (Court still has to weigh it.) (Sources: Reuters).
Timeline Snapshot (Selections)
- June 2020: Wirecard collapses; Marsalek flees; early open-source work traces him toward Belarus/Russia (Sources: bellingcat).
- 2022–2025: Munich trial of Braun; charges narrowed in 2025 to speed proceedings; core fraud counts remain.
- July 2023: Marsalek’s letter reaches the Munich court via lawyers, asserting TPA reality.
- 2024–2025: U.K. spy-ring cases spotlight Marsalek’s tasking role; Reuters details wider logistics (drones, mercenaries).
- Sept 16, 2025: Der Standard/ZDF/Spiegel/PBS/The Insider publish new evidence tying Marsalek to FSB and alleging combat involvement in Ukraine.
FinTelegram View: A Financial Crime Case Morphed Into a Hybrid Threat
The Marsalek file now straddles criminal fraud, espionage, procurement for war, and state disinformation—a hybrid threat with corporate-crime roots. For Munich judges, the central question remains narrow—did Braun know?—but the ecosystem looks far darker: corporate balance-sheet fakery entangled with Russian active measures. That puts extra weight on forensic testing of the TPA narrative, chain-of-command evidence, and communications between Braun, Marsalek, and Asian counterparties.
Call for Information
FinTelegram invites insiders, former Wirecard contractors, TPA counterparties, and compliance officers in Asia and Europe to contact us—securely and confidentially—via Whistle42. We are particularly interested in:
- Documentary evidence on TPA cash flows, merchants, and settlement banks;
- Communications between Wirecard executives and Russian intermediaries;
- Travel, telecoms, or security-service touchpoints post-June 2020.