Corporate Affairs Ministry refers Reebok scam to SFIO

New Delhi, May 29 (ANI): Union Corporate Affairs Minister Dr. M. Veerappa Moily on Tuesday said that the Reebok scam in which two former top executives are accused of fraud has been referred to the Serious Frauds Investigation Office (SFIO).

"The Reebok investigation, it just came yesterday. I got a preliminary report. I think there is some prima facie case. We have referred the case to the SFIO (Serious Frauds Investigation Office) to make the further investigations," he told media on the sidelines of an event here.

Reebok India had filed an FIR with the Gurgaon police last week alleging its former MD Subhinder Singh Prem and COO Vishnu Bhagat of Rs 870 crore fraud by indulging in "criminal conspiracy" and "fraudulent" practices over a period of time.

The alleged fraud would be the most high-profile corporate scandal in India since 2009 when Satyam Computer's former chairman and founder Ramalinga Raju revealed that the company had overstated profits and falsified assets for years. (ANI)

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Did the Gingrich Campaign Commit Election Fraud?

Brad Friedman, The Brad Blog joins Thom Hartmann. Just when you thought the Gingrich campaign couldn't face any more bombshells. See how Newt may be facing some new hurdles to sleaze his way through.

Video Rating: 4 / 5



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