CBI Files Rs 904-Crore Bank Fraud Case Against Businessman Kishore Biyani

The CBI has alleged that according to a complaint filed by SBI, the accused persons entered into a criminal conspiracy to obtain credit facilities from the State Bank of India and also from the consortium of nine banks.

06 Nov 2026, 11:11 · NDTV

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CBI filed an FIR against Future Retail and Kishore Biyani for Rs 904.32 crore fraud
Rakesh Biyani also named in FIR under criminal conspiracy and Prevention of Corruption Act
SBI alleged funds were diverted from credit facilities by Future Retail and related entities

What legal options do the Biyani brothers have now?
New Delhi:

The CBI has registered an FIR against Future Retail Ltd and noted businessman Kishore Biyani in an alleged bank fraud of Rs 904.32 crore and conducted searches at premises linked to him in Mumbai on Friday, officials said.

The CBI has also booked his brother Rakesh Biyani in the case registered under offenses of criminal conspiracy for cheating and also for offenses under the Prevention of Corruption Act, they said.

"The Central Bureau of Investigation (CBI) has registered a case on the complaint of the State Bank of India, Stressed Assets Management Branch - III, Mumbai against M/s Future Retail Ltd. (M/s. FRL) and its Promoters/Managing Directors/ Executive Directors/Guarantors namely, (i) Kishore Biyani (ii) Rakesh Biyani, unknown public servants and unknown others for offenses of criminal conspiracy for cheating and also the offenses under the Prevention of Corruption Act, resulting in alleged wrongful loss of Rs.904.32 Crores to the complainant Bank," a CBI Spokesperson said in a statement.

No immediate reaction was available from the company.

The CBI has alleged that according to a complaint filed by SBI, the accused persons entered into a criminal conspiracy to obtain credit facilities from the State Bank of India and also from the consortium of nine banks.

Future Retail operated multiple retail formats, including hypermarkets and supermarkets such as Big Bazaar, Fashion@Big Bazaar and Foodhall. It was also engaged in the general trading of FMCG and fashion goods through its stores, the statement said.

The CBI alleged that the company did not use the bank funds for the purposes for which they had been sanctioned.

"It is further alleged that the company diverted the funds by siphoning them off through associate companies/connected entities and caused loss to the bank," the statement said.

The agency registered the FIR on November 4 and conducted searches at multiple premises in Mumbai.

"Incriminating documents relevant to the investigation were recovered and seized during the searches," the CBI spokesperson said.

The probe is underway to ascertain the full extent of the alleged conspiracy, identify the roles of all those involved, including public servants and private individuals, and trace the end-use of the loan funds, she said.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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