With the police investigations into the alleged Rs 870-crore financial scam in Reebok India leading to the arrest of five of its former employees, the expert views of the corporate affairs ministry’s Serious Fraud Investigation Office (SFIO) on the issue are keenly watched.
SFIO had taken up the Reebok investigation after the company’s management sacked its MD Subhinder Singh Prem and chief operating officer Vishnu Bhagat for allegedly misappropriating funds early this year.
Since its inception in 2003, SFIO has investigated more than 60 cases, including the Satyam scam.
But the agency has an abysmal track record when it comes to convictions. So far, it has zero convictions to its credit. The Satyam case is in court, so is the Ketan Parekh stock market scam where the agency has filed cases against 276 people. The Reebok report might come soon, but is unlikely to make any difference.
Strictly Business
Tablet computer sales across the globe are estimated to increase to 126.6 million in 2012 from 82.1 million units in 2011 — an annual increase of 56 per cent — according to a survey by market research firm IHS iSuppli.
(This story was published in Businessworld Issue Dated 01-10-2012)
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