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SBD Global/April 3, 2013/Finance

Former Reebok India CFO Vishnu Bhagat Accused Of Financial Fraud

The Institute of Chartered Accountants of India Tuesday said that "strict action could be taken" against former Reebok India CFO Vishnu Bhagat "if he failed to respond to the show-cause notice regarding the alleged fraud at the sportswear maker," according to the PTI. The ICAI "had issued the show-cause notice" to Bhagat, who had until March 31 to give his response. But the ICAI "is yet to receive any response." The issue relates to alleged Rs 870 crore ($159.8M) financial fraud at Reebok India last year (PTI, 4/2).
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