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CBI registers ₹904 crore bank fraud case against Future Retail and its promoters, searches Mumbai premises
The case, filed on a State Bank of India complaint, names Kishore Biyani and Rakesh Biyani among the accused; the CBI alleges loan funds were diverted through associate companies.
The Central Bureau of Investigation (CBI) has registered a bank fraud case involving alleged wrongful loss of ₹904.32 crore against Mumbai-based Future Retail Ltd and its promoters, and searched several premises in Mumbai on Friday, according to a CBI press release.
What the CBI alleges
The case was registered on a complaint by the State Bank of India's Stressed Assets Management Branch-III in Mumbai. It names Future Retail Ltd, its promoters, managing directors, executive directors and guarantors — Kishore Biyani and Rakesh Biyani are named — along with unknown public servants and unknown others, the CBI said. The offences listed are criminal conspiracy for cheating and offences under the Prevention of Corruption Act.
According to the release, the accused obtained working capital, term loan and letter of credit facilities from the complainant bank and from a consortium of nine banks. The company ran retail formats including hypermarkets and supermarkets such as Big Bazaar, Fashion@Big Bazaar and Foodhall, and also traded in FMCG and fashion goods.
The CBI alleges the company did not use the bank funds for the purpose for which they were sanctioned, and diverted them through associate companies or connected entities, causing the loss to the bank.
Searches
The case was registered on 4 November 2026. On 6 November the CBI searched multiple premises linked to the promoters and directors in Mumbai and said it recovered and seized "incriminating documents" relevant to the investigation.
What happens next
The CBI said the investigation will continue to find the full extent of the conspiracy, identify the role of everyone involved, including public servants and private individuals, and trace what the loan money was used for.
The release does not say anyone has been arrested or charged in court, and it carries no response from the company or the individuals named. The allegations have not been tested in court. BDT will update this story when more information is available.
How we verified this
VerifiedEvery fact is from the CBI press release dated 6 November 2026. Everything about the accused is an allegation made by the CBI in its release; the release does not say anyone has been arrested or charged in court, and no response from the company or the named individuals was available. BDT did not add any background about the company.
Sources
- 1.CBI Registers Bank Fraud Case of ₹904.32 Crore against Mumbai Based Company M/s. Future Retail Ltd. and Conducts Searches — Central Bureau of Investigation (press release)
