CBI files case against Future Retail in Rs 904-cr fraud, raids Biyanis' premises
The Central Bureau of Investigation (CBI) has registered an FIR against Future Retail Ltd (FRL) and noted businessman Kishore Biyani in an alleged bank fraud involving Rs 904.32 crore, and conducted searches at multiple premises linked to the company's promoters and directors in Mumbai on Friday.
The agency has also named Biyani's brother, Rakesh Biyani, along with unknown public servants and other unidentified persons in the case.
The FIR was registered on November 4, 2026, following a complaint by the State Bank of India (SBI), Stressed Assets Management Branch-III, Mumbai.
The case involves allegations of criminal conspiracy, cheating and offences under the Prevention of Corruption Act, with the bank claiming a wrongful loss of Rs 904.32 crore.
According to the CBI, the accused allegedly entered into a criminal conspiracy to obtain credit facilities, including working capital, term loans and letters of credit, from SBI as well as a consortium of nine banks.
Future Retail had availed of credit facilities from SBI's Commercial Branch at Fort in Mumbai.
The company operated several retail formats across the country, including hypermarkets and supermarkets under brands such as Big Bazaar, Fashion@Big Bazaar and Foodhall.
It was also involved in the general trading of fast-moving consumer goods (FMCG) and fashion products through its retail outlets.
The investigating agency has alleged that the company failed to utilise the funds in accordance with the purposes for which the credit facilities were sanctioned.
Instead, the funds were allegedly diverted and siphoned off through associate companies and connected entities, resulting in financial losses to the lending bank.
Following the registration of the case, CBI teams conducted searches on Friday at multiple locations in Mumbai linked to the promoters and directors of Future Retail.
During the searches, the agency recovered and seized documents considered relevant to the investigation.
The case has been registered against Kishore Biyani, Rakesh Biyani and other unidentified individuals under provisions relating to criminal conspiracy and cheating, besides offences under the Prevention of Corruption Act.
The allegations are part of the ongoing investigation and are yet to be established in court.
The CBI said the investigation is continuing to determine the full extent of the alleged conspiracy, establish the roles of all those involved, including public servants and private individuals, and trace the end-use of the loan funds.
Further action is likely to depend on the findings of the investigation and the examination of documents seized during the searches.- Ends
Divyesh Singh is one of the leading crime journalists in the country. A seasoned investigative journalist with experience of over 15 years in journalism covering Crime, Internal security, Defence, Central Agencies, and Rural issues, he has a number of exclusive breaks and investigative stories to his name. Presently working with the Special Investigation Team (SIT) of Aajtak / India Today based in Mumbai, Maharashtra. Some of his stories to recall are 'Confessions of members from radical organisation in a bomb blast case in which they had been acquitted, Fodder scam in drought affected areas of Maharashtra, Crypto currency scam worth hundreds of crores ,Financial scam targeting US citizens, Black-marketing of life saving Covid19 drugs'. Many such investigations have been appreciated by law enforcement agencies and he has been awarded and appreciated twice by the Maharashtra police for helping the agency crack two serious cases, one a financial scam worth crores and another a double murder case. His coverage in the actor Sushant Singh Rajput death case brought to light the facts in the case, while reported a series of exclusives in the Yes Bank DHFL case and Iqbal Mirchi case on India Today / Aajtak. His coverage on crime underworld and narcotics has been extensive and indepth.
Munish Pandey is Editor and National Bureau Head with India Today Group. With over a decade's experience in crime and investigative journalism, Munish is known for his factual and investigative reports on white collar crimes, crimes involving politicians and corporate houses, violence, riots, international crimes and conspired killings. He started his career in Mumbai and has covered the underworld, killings, kidnapping, corruption cases, and terrorism. Munish keenly follows the Central Bureau of Investigation, Ministry of Home Affairs, Enforcement Directorate, Income Tax Department, Narcotics Control Bureau, Intelligence Bureau, R&AW, Delhi Police and Mumbai Police. From covering and reporting on the 2013 Mumbai triple blasts, Pune Bomb Blasts, Hyderabad bomb blast, he has covered and reported extensively on 26/11 Mumbai terror attack, Malegaon case and Mumbai train attacks. Munish Pandey is among the few journalists who first reported on the growing network of terror outfit ISIS in India and their recruitments in the country. He is the only journalist to have interviewed narcotrafficker Vicky Goswami, who is currently serving time in a US jail, and Mamta Kulkarni while the two were in Kenya. He has also reported, extensively covered and broken exclusive stories on the PNB scam, the CBI vs CBI case, Nirav Modi-Mehul Choksi case, P Chidambaram's arrest and many others.
Munish is a silver medalist in Journalism from the University of Mumbai. He has also undertaken a Defence Correspondent Course of the Ministry of Defence where he spent a month with the Armed Forces at the Indo-China border in the northeast and the naval base at Vizag.
