SFIO 'quickly' coming out with Reebook fraud report: Corporate Affairs Minister Veerappa Moily

MANESAR: The Serious Fraud Investigation Office (SFIO) is "quickly" coming out with its probe report on the alleged fraud in Reebok India, Corporate Affairs Minister Veerappa Moily said today.

"They (SFIO) are serious on the job and I was told that they are quickly coming out with (their) report," he said on the sidelines of a function here.

SFIO, the investigation wing of the Ministry of Corporate Affairs, was given four months time to complete the probe into the alleged fraud.

The probe will be "genuine and legitimate", he added. He said it was "serious" case that was why the investigation into the matter was handed over to the SFIO.

The MCA had ordered the enquiry into the books of Reebok India last month.

Reebok India in an FIR had alleged that its former MD Subhinder Singh Prem and COO Vishnu Bhagat were involved in Rs 870 crore fraud by indulging in "criminal conspiracy" and "fraudulent" practices over a period of time.

Both the executives have, however, denied the allegations.