Gurgaon Police have launched a probe against former Reebok Managing Director Subhinder Singh Prem and former Chief Operating Officer Vishnu Bhagat in connection with an alleged Rs.8700 crore financial irregularities case.
Reebok, in a First Information Report (FIR) filed at the Gurgaon Sector -40 Police Station on Tuesday had claimed that both former corporate honchos had “stolen” the products by setting up “secret warehouses”, fudged accounts and indulged in fictitious sales to cause a multi-crore dent to the company.
The alleged scam came to light in March this year, following which, Singh, then the Managing Director of Adidas India as part of a business integration by both brands, was dismissed from the company. Bhagat's services were terminated too.
The company's financial director, Shahim Padath, later lodged a formal complaint against the duo.
The probe conducted by the economic cell of Gurgaon Police has so far concluded that Singh and Bhagat had allegedly rented four warehouses without informing their seniors and used them to store goods, while claiming that they were being supplied to genuine dealers.
They also allegedly siphoned off goods to ghost companies and distributors across the country, claiming they were defective pieces.
