The Institute of Chartered Accountants of India (ICAI) has initiated an investigation against

the former Reebok India chief operating officer Vishnu Bhagat, who is among the accused in the shocking Rs. 870-crore fraud in the sporting goods company.

"In the Reebok case, we have started an inquiry against a key managerial person, who is a chartered accountant, for his conduct as a member. Besides, we have written to the audit firm involved and are awaiting their response," ICAI President Subodh Kumar Agrawal said.

Reebok India has already filed a report suggesting that both former managing director Subhinder Singh Prem and Bhagat were involved in fraud at the company. Both the officials have said that they have not done anything wrong in the company. Gurgaon police had filed a charge sheet in the case, naming Prem, Bhagat and several others.

The company wants the authorities to carry out an investigation into the financial irregularities uncovered at Reebok India. An Adidas spokesman confirmed that a criminal complaint in India to bring formal charges in the alleged commercial irregularities that was found at Reebok India. A team of Adidas officials are in the country to assist in investigations. The spokesperson also said that the more details cannot be announced as the investigations are underway in the country.