Businessmen Fight €33M Fraud Suit Over Wirecard Flip

Law360, London (July 14, 2021, 2:02 PM BST) -- Two businessmen have denied tricking investors into selling their stake in a money transfer provider, saying they did not know about plans to sell the company on to payments giant Wirecard for many times the price.

Ramu Ramasamy and his brother Palaniyapan, the former majority owners of money transfers and insurance payments company Hermes i-Tickets Private Ltd., told the High Court in a defense filed on July 8 that they are not liable to pay €33 million ($39 million) in damages to Hermes' shareholders.

Former Hermes minority shareholders Prashant Manek and Sanjay Chandi allege that the Ramasamy brothers duped them into...

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