Mumbai, November 6, 2026 (Yes Punjab News)
The Central Bureau of Investigation (CBI) has registered a bank fraud case against Future Retail Ltd. (FRL), its promoters and directors, including Kishore Biyani and Rakesh Biyani, following a complaint by the State Bank of India (SBI) alleging a wrongful loss of Rs 904.32 crore to the bank.
The case has been registered against FRL, its promoters, managing directors, executive directors, guarantors, unidentified public servants and other persons on charges of criminal conspiracy, cheating and offences under the Prevention of Corruption Act, officials said on Friday.
According to the CBI, the accused allegedly entered into a criminal conspiracy to secure credit facilities, including working capital loans, term loans and letters of credit, from SBI and a consortium of nine banks.
FRL operated several retail formats, including Big Bazaar, Fashion@Big Bazaar and Foodhall, and traded in FMCG and fashion products through its retail network. The company had availed credit facilities from SBI’s Commercial Branch in Fort, Mumbai.
The complaint alleged that the funds were not used for their sanctioned purposes and that a portion of the money was diverted and siphoned off through associate companies and connected entities, causing losses to the bank.
After registering the FIR on November 4, the CBI conducted searches on Friday at multiple premises linked to FRL’s promoters and directors in Mumbai. The agency said it recovered and seized several documents relevant to the investigation.
The investigation is continuing to establish the alleged conspiracy’s full scope, identify the roles of those involved, including public servants and private entities, and trace the end use of the loan funds.
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