Saturday, 6 July 2013

Court frames charges against ex-Reebok India MD, CFO

A local court has framed charges against all the accused in the Reebok India scam.

Former senior officials, including managing director Subhinder Singh Prem and chief financial officer Vishnu Bhagat, have been made main accused in the case. Three other officials, including general manager Prashant Bhatnagar, Sanjeev Mishra and Surakshit Bhatt have been made coaccused in the case. The court has also made six others part of criminal conspiracy .

In May last year, Reebok had lodged an FIR with Gurgaon police alleging that Prem and Bhagat had stolen products by setting up secret warehouses and fudged accounts, causing huge loss to the Indian unit.

Counsel of one of the accused , Harish Malhotra, said that the court of Sandeep Yadav-JMIC Gurgaon framed charges against the accused. At present, all accused except Prem are out on bail. After framing of charges, the court will hear evidence in the case. In November, the Gurgaon police had filed charges estimating the total loss incurred by Reebok India on account of the alleged financial irregularities at Rs 11.3 crore as against Rs 870 crore mentioned in the FIR.

Meanwhile, the Serious Fraud Investigation Office (SFIO), the country's corporate fraud investigation body, has arrested 12 accused , including two main accused.
http://economictimes.indiatimes.com/news/news-by-industry/services/retail/court-frames-charges-against-ex-reebok-india-md-cfo/articleshow/20942596.cms

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