A group of judges in London have said several controversial deals before Wirecard AG's purchase of an Indian firm were an "evolving international fraud", Bloomberg reported on Monday.
Former minority holders of Hermes I-Tickets Private Ltd said they had been cheated of millions of dollars after they were persuaded to sell their stake in the firm for $40m USD, the case found.
The report added majority shareholders later sold the stake at an inflated price to the German payment processing company, valued at $250m.
The judges said that the ruling failed to address falsehoods from Ramu and Palaniypan Ramasamy, the company's majority shareholders.
“It was a continuing fraud because of the concerns and suspicions of the” minority shareholders, the judges added.
Wirecard AG filed for insolvency on 25 August last year in a court ruling after failing to report a £1.7bn 'black hole' in its balance sheets. The scandal hit the global fintech industry and caused chief executive Markus Braun to resign shortly after.