CBI books future retail, Promoters Kishore & Rakesh Biyani in Rs 904-Cr SBI Fraud Case
New Delhi, Nov 6 (TNT): The Central Bureau of Investigation (CBI) has registered a criminal case against Mumbai-based Future Retail Ltd (FRL), its promoters Kishore Biyani and Rakesh Biyani, and others for allegedly cheating the State Bank of India (SBI) out of ₹904.32 crore, the Agency said on Friday.
Following the registration of the FIR on November 4, the federal probe agency conducted searches at multiple premises linked to the company’s promoters and directors across Mumbai, recovering incriminating documents.
The case was registered on a formal complaint filed by the State Bank of India’s Stressed Assets Management Branch-III, Mumbai.
Besides Kishore Biyani and Rakesh Biyani—named in their capacity as promoters, managing directors, executive directors, and guarantors—the agency has also booked unidentified public servants and private individuals.
The accused face charges of criminal conspiracy and cheating under the Indian Penal Code, as well as provisions of the Prevention of Corruption Act.
According to the CBI, Future Retail had availed of credit facilities, including working capital, term loans, and letters of credit, from SBI’s Fort commercial branch in Mumbai as part of a consortium of nine banks.
The company operated various hypermarket and supermarket formats across India, including Big Bazaar, Fashion@Big Bazaar, and Foodhall, alongside general trading in FMCG and fashion goods.
“The company defrauded the bank by not utilizing the bank funds for the intended purpose for which it was sanctioned.
Further, it is alleged that the company diverted the funds by siphoning off through associate companies/connected entities and caused loss to the bank,” the agency said in an official statement.
The CBI said sustained investigation is underway to establish the full extent of the conspiracy, determine the exact end-use of the loan amounts, and identify the roles of bank officials and private persons involved in the fraud.
TNT KM
