2 publishers · first seen Fri, 06 Nov 2026 11:29 UTC · updated Sat, 07 Nov 2026 02:00 UTC
The Central Bureau of Investigation (CBI) has registered a case against Future Retail Ltd, its promoters Kishore Biyani and Rakesh Biyani, and others for an alleged bank fraud of Rs 904.32 crore. The CBI conducted searches at multiple premises linked to Biyani in Mumbai on November 4. The agency alleges that the accused entered into a criminal conspiracy to obtain credit facilities from the State Bank of India and a consortium of nine banks, but did not use the funds for the intended purpose. Instead, the funds were diverted through associate companies and connected entities, causing a wrongful loss to the bank. The investigation is ongoing to determine the full extent of the conspiracy and the roles of all involved parties.
Future Retail operated multiple retail formats, including hypermarkets and supermarkets such as Big Bazaar, Fashion@Big Bazaar, and Foodhall. The company was also engaged in the general trading of FMCG and fashion goods through its stores. The CBI has recovered incriminating documents during the searches and the probe is underway to trace the end-use of the loan funds.
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