Reebok India alleges $233 million fraud case against former employees
May 24 , 2012
Reebok India has lodged a police complaint against former managing director Subhinder Singh Prem and ex-chief operating officer Vishnu Bhagat, accusing them of commercial and financial irregularities.
The brand alleges that the two set up secret warehouses, tampered with accounts and created fictitious sales costing the company nearly $233 million.
The two left Reebok India in March.
Earlier this year, Adidas, the parent company of Reebok, warned investors that commercial irregularities at its Reebok unit in India could set the company back by $165 million.