A major financial controversy has erupted after the Central Bureau of Investigation (CBI) registered an alleged ₹904.32 crore bank fraud case against Future Retail founder Kishore Biyani, his brother Rakesh Biyani and the company.
The case follows a complaint filed by the State Bank of India (SBI), accusing the company and its promoters of allegedly cheating lenders through financial irregularities and diversion of borrowed funds.
The FIR was registered on November 4, 2026, while the development came to light on November 6. The CBI also conducted searches at multiple premises linked to the company's promoters and directors in Mumbai, recovering and seizing documents relevant to the investigation.
Alleged Conspiracy to Obtain Bank Loans
According to the CBI, the accused allegedly entered into a criminal conspiracy to obtain credit facilities from SBI and a consortium of nine banks through fraudulent means.
These facilities reportedly included working capital loans, term loans and letters of credit. The agency has alleged that the funds were not utilised for the purposes for which they had originally been sanctioned.
Instead, the borrowed money was allegedly diverted and siphoned off through associate companies and connected entities, resulting in an alleged wrongful loss of ₹904.32 crore to the complainant bank.
CBI Conducts Searches in Mumbai
Following the registration of the case, CBI teams carried out searches at several locations associated with Future Retail's promoters and directors. During the operation, investigators reportedly recovered documents considered relevant to the alleged financial irregularities.
The agency is now examining the movement of funds, the entities that allegedly received the money and the possible involvement of other individuals, including unidentified public servants.
Future Retail's Financial Troubles Under Scrutiny
Future Retail, once one of India's prominent organised retail chains, operated popular brands such as Big Bazaar, Foodhall and Fashion at Big Bazaar. The company subsequently faced severe financial difficulties and was ordered into liquidation by the National Company Law Tribunal in 2024.
The latest CBI investigation has brought renewed attention to the company's financial dealings and its outstanding obligations to lenders. The investigation is ongoing, and the allegations against Kishore Biyani, Rakesh Biyani and others are yet to be established in court.