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Updated - November 06, 2026 09:03 pm IST - Mumbai
Kishore Biyani. File | Photo Credit: REUTERS
The Central Bureau of Investigation (CBI) has registered a case against Future Retail Limited, its promoters Kishore Biyani and Rakesh Biyani, and several others for allegedly defrauding the State Bank of India (SBI) of ₹904.32 crore. The agency also conducted searches at multiple premises linked to the company’s promoters and directors in Mumbai on Friday (November 6, 2026), and seized documents relevant to the investigation.
The case was registered following a complaint filed by SBI’s Stressed Assets Management Branch-III in Mumbai. The FIR also names the company’s managing director, executive directors, guarantors, unidentified public servants and other individuals.
According to the complaint, Future Retail Limited allegedly misused credit facilities extended by the bank, resulting in a financial loss of ₹904.32 crore. The CBI has registered the case under provisions relating to criminal conspiracy, cheating and the Prevention of Corruption Act.
The bank alleged that the company failed to utilise the sanctioned funds in accordance with the terms and conditions of the loan facilities. Instead, portions of the funds were allegedly diverted to associate companies and related entities, raising suspicions of financial irregularities.
Investigators are examining the movement of funds between Future Retail Limited and its associated entities to determine how the loan proceeds were utilised, which accounts received the money and whether the transactions involved fraudulent arrangements.
During the searches conducted on Friday, CBI officials seized documents and other materials considered relevant to the investigation. The seized records are being examined to trace financial transactions and establish whether loan funds were diverted from their intended purposes.
The agency is also investigating the roles of Kishore Biyani, Rakesh Biyani and other individuals named in the case. The possible involvement of unidentified public servants in the alleged irregularities will also be examined.
The investigation will focus on tracing the ultimate utilisation of the loan funds, identifying the beneficiaries of the alleged diversion and determining the roles of those suspected of involvement in the transactions.
Further investigation is underway.
Published - November 06, 2026 09:01 pm IST
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