CBI files case against Future Retail in Rs 904-cr fraud, raids Biyanis' premises

The FIR was registered on November 4, 2026, following a complaint by the State Bank of India (SBI), Stressed Assets Management Branch-III, Mumbai.

In Short

• SBI alleges Future Retail diverted loan funds through associate, connected firms
• CBI conducts searches at multiple Mumbai premises linked to Future Retail promoters
• Agency seizes incriminating documents; probe underway to trace diverted loan funds

The Central Bureau of Investigation (CBI) has registered an FIR against Future Retail Ltd (FRL) and noted businessman Kishore Biyani in an alleged bank fraud involving Rs 904.32 crore, and conducted searches at multiple premises linked to the company's promoters and directors in Mumbai on Friday.

The agency has also named Biyani's brother, Rakesh Biyani, along with unknown public servants and other unidentified persons in the case.

The FIR was registered on November 4, 2026, following a complaint by the State Bank of India (SBI), Stressed Assets Management Branch-III, Mumbai.

The case involves allegations of criminal conspiracy, cheating and offences under the Prevention of Corruption Act, with the bank claiming a wrongful loss of Rs 904.32 crore.

According to the CBI, the accused allegedly entered into a criminal conspiracy to obtain credit facilities, including working capital, term loans and letters of credit, from SBI as well as a consortium of nine banks.

Future Retail had availed of credit facilities from SBI's Commercial Branch at Fort in Mumbai.

The company operated several retail formats across the country, including hypermarkets and supermarkets under brands such as Big Bazaar, Fashion@Big Bazaar and Foodhall.

It was also involved in the general trading of fast-moving consumer goods (FMCG) and fashion products through its retail outlets.

The investigating agency has alleged that the company failed to utilise the funds in accordance with the purposes for which the credit facilities were sanctioned.

Instead, the funds were allegedly diverted and siphoned off through associate companies and connected entities, resulting in financial losses to the lending bank.

Following the registration of the case, CBI teams conducted searches on Friday at multiple locations in Mumbai linked to the promoters and directors of Future Retail.

During the searches, the agency recovered and seized documents considered relevant to the investigation.

The case has been registered against Kishore Biyani, Rakesh Biyani and other unidentified individuals under provisions relating to criminal conspiracy and cheating, besides offences under the Prevention of Corruption Act.

The allegations are part of the ongoing investigation and are yet to be established in court.

The CBI said the investigation is continuing to determine the full extent of the alleged conspiracy, establish the roles of all those involved, including public servants and private individuals, and trace the end-use of the loan funds.

Further action is likely to depend on the findings of the investigation and the examination of documents seized during the searches.

- Ends