Reebok India alleges Rs 8700 cr fraud by former MD, COO - NewsX

In what could the second biggest corporate scandal after Satyam where Ramalinga Raju orchestrated a Rs 14,000 crore fraud, Reebok India has alleged a Rs 8,700 crore fraud by its former Managing Director Subhinder Singh Prem and former Chief Operating Officer Vishnu Bhagat. Reebok lodged an FIR with the Gurgaon police alleging that Prem and Bhagat had 'stolen' products by setting up 'secret warehouses', fudged accounts and indulged in fictitious sales to cause a Rs 8,700 crore dent to the company.
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