The Institute of Chartered Accountants of India(ICAI) has initiated an inquiry against former Reebok India Chief Operating Officer Vishnu Bhagat, one of the accused in the alleged Rs 870-crores fraud in the company. Last year, Reebok India had filed a first information report, alleging fraud by former managing director Subhinder Singh Prem and Bhagat. However, both denied the charges. Later, the Gurgaon police had filed a charge sheet in the case naming Prem, Bhagat and several others. Earlier this year, German sportswear giant Adidas had said its balance sheet for 2011 had taken a hit of 153 million dollars (Rs 863 crores) due to “commercial irregularities” at its arm Reebok India.