Wölbern Invest's Schulte taken into custody on fraud charges

Schulte is said to have embezzled €137m from closed-ended real estate funds, €37m of which he is suspected to have pocketed, according to the public prosecutor's office in Hamburg. He now faces 318 accounts of embezzlement.

Hundreds of boxes with files were seized when police searched Wölbern in Hamburg.

The GP was about to sell a real estate portfolio worth €960m. The sale was at the centre of a heated debate between Wölbern and shareholders, with the latter questioning the timing of the divestment.

Schulte, who initially trained as a specialist doctor in the endocrinology sector and is CEO of the specialist clinic Endokrinologikum Hamburg, bought Wölbern in 2006.

Wölbern operates its private equity subsidiary under the name of Wölbern Private Equity, its real estate investments under Wölbern Fondsmanagement and manages other funds under the name of Wölbern Treuhand.

Wölbern Group was not available for comment.

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