India's Serious Fraud Investigation Office is reportedly going to file additional charges against two former executives of Reebok India, Subhinder Singh Prem and Vishnu Bhagat, after receiving a forensic audit ordered by Adidas and conducted by Ernst & Young. The review has uncovered allegedly fake transactions with unauthorized customers that were used to inflate the company's reported revenues. On the other hand, a report on India's rediff.com indicates that, according to the local police, the fraud amounted to only about US$2.0 million, well below the amount already provisioned by Adidas.

Topics