Two top ex-employees of Reebok India booked for fraud

May 23, 2012, 10:18 IST | Agencies

The company's former head and former chief operating officer are said to have siphoned large amounts of money over the last few years.


An FIR was lodged Tuesday against former chief of Reebok India, Subender Singh, and another top ex-employee for alleged financial irregularities that caused a loss of Rs 1,300 crore to the company. 
Singh and Reebok India's former chief operating officer, Vishnu Bhat allegedly siphoned off the company's money by creating ghost distributors and producing forged bills over the last five years. 
Singh had been made the Managing Director of Adidas India last year as a part of an integration of the businesses of both Adidas and Reebok brands. When the scam was discovered earlier this year, he was dismissed from the company. Bhat's services were terminated too. 
The economic cell of Gurgaon police conducted a probe and found that Singh and Bhat had allegedly rented four warehouses without informing their seniors and used them to store goods and claimed they were supplied to genuine dealers. 
On the complaint of Shahim, stating that the duo had caused a loss of Rs 1,300 crore to the company through these irregularities, an FIR was lodged against them, police said.

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