CBI books Future Retail, Kishore Biyani, others in ₹904 crore bank fraud case; searches conducted in Mumbai
The CBI has registered a case against Future Retail Limited and its promoters, Kishore and Rakesh Biyani, for an alleged ₹904 crore bank fraud involving the State Bank of India. Investigators are currently examining diverted funds and potential financial irregularities.
Why it matters
This case underscores the ongoing challenges of corporate governance and debt recovery in the Indian retail sector.
Mumbai 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.
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