CBI Books Kishore Biyani And Future Retail in ₹904 Crore Bank Fraud Case; Raids Conducted in Mumbai

The Central Bureau of Investigation (CBI) has registered a ₹904.32 crore bank fraud case against Future Retail Ltd and its promoters, including businessman Kishore Biyani and his brother Rakesh Biyani, over allegations of loan diversion and siphoning of funds.

The agency conducted coordinated searches at multiple premises linked to the promoters and directors in Mumbai on Friday, November 6, 2026, and seized documents related to the alleged financial irregularities.

The case was registered on November 4 following a complaint by the State Bank of India (SBI), Stressed Assets Management Branch-III, Mumbai.

SBI Alleges Diversion of Bank Loans

According to the CBI, Future Retail and its senior executives allegedly entered into a criminal conspiracy to obtain credit facilities from SBI's Commercial Branch in Fort, Mumbai, and a consortium of nine other banks.

The facilities included working capital loans, term loans and letters of credit.

The agency alleges that the company failed to use the sanctioned funds for their intended business purposes. Instead, the money was allegedly diverted and siphoned off through associate companies and connected entities.

The alleged transactions resulted in a wrongful loss of ₹904.32 crore to SBI and the participating lending institutions, according to the CBI.

Kishore Biyani, Rakesh Biyani Among Those Named

The FIR names Future Retail Ltd, its promoters and managing directors Kishore Biyani and Rakesh Biyani, along with unknown public servants and other unidentified individuals.

The accused have been booked under charges relating to criminal conspiracy and cheating, along with provisions of the Prevention of Corruption Act.

The CBI is investigating the alleged roles of the individuals involved and whether any public servants facilitated the transactions.

Documents Seized During Mumbai Searches

Following the registration of the FIR, CBI teams carried out searches at several locations connected to the company's promoters and directors in Mumbai.

Investigators recovered and seized documents considered relevant to the alleged financial transactions.

The agency said the investigation would establish the full extent of the alleged conspiracy, identify the roles of private individuals and public servants, and trace the ultimate use of the diverted loan funds.

No immediate reaction from the company was available.

Future Retail's Business Background

Future Retail previously operated some of India's prominent organised retail chains, including Big Bazaar, Fashion@Big Bazaar and Foodhall.

The company was also involved in the general trading of fast-moving consumer goods (FMCG) and fashion products.

The latest CBI case adds to the financial and legal troubles surrounding the former retail giant as investigators examine the alleged diversion of funds obtained from banks.