CBI Tightens Noose Around Future Retail in 904 Crore Bank Fraud Case, Registers Case Against Kishore Biyani and Rakesh Biyani

New Delhi: The Central Bureau of Investigation (CBI) has intensified its investigation into an alleged bank fraud of ₹904.32 crore involving Future Retail Limited, one of India's prominent retail businesses. Based on a complaint filed by the State Bank of India (SBI), the agency has registered a criminal case against the company, its promoters, and directors on charges of criminal conspiracy and fraud. The names of company leaders Kishore Biyani and Rakesh Biyani have also been included in the case.

Alleged Diversion of Loans from a Consortium of Nine Banks

According to the CBI, the complaint filed by SBI's Stressed Assets Management Branch-3 in Mumbai alleges that Future Retail had obtained financial facilities from a consortium of nine banks, including SBI, through working capital loans, term loans, and letters of credit. It is alleged that instead of utilising the loan funds for their intended purposes, the money was diverted through other companies and related entities. This allegedly resulted in a loss of 904.32 crore to the complainant bank.

Future Retail Operated Popular Brands Including Big Bazaar

Future Retail operated through prominent retail brands such as Big Bazaar, Fashion at Big Bazaar, and Foodhall. The company also had a significant business network in food, fast-moving consumer goods (FMCG), and fashion products.

CBI Conducts Raids in Mumbai, Seizes Key Documents

After registering the case on November 4, 2026, the CBI conducted raids on November 6 at several locations in Mumbai linked to the company's promoters and directors. During the searches, important documents related to the investigation were recovered and seized. The investigating agency is now working to establish the complete chain of the alleged conspiracy, examine the roles of government and private individuals, and trace how the loan funds were utilised.