The Central Bureau of Investigation (CBI) has registered a case against Future Retail Ltd and its promoters Kishore Biyani and Rakesh Biyani over an alleged bank fraud of ₹904.32 crore. The case follows a complaint by State Bank of India’s Stressed Assets Management Branch-III in Mumbai. The CBI has alleged criminal conspiracy and cheating, along with offences under the Prevention of Corruption Act, and has also named unknown public servants and other individuals.
According to the CBI, Future Retail allegedly obtained working-capital facilities, term loans and letters of credit from SBI and a nine-bank consortium, but the funds were allegedly not used for their sanctioned purposes and were instead diverted through associate and connected entities. The agency registered the case on November 4, 2026, conducted searches at multiple premises in Mumbai and seized documents relevant to the investigation. The probe is continuing to establish the alleged conspiracy, identify the roles of those involved and trace the end-use of the loan funds.
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