CBI files case against Biyanis, Future Retail in Rs 904 cr fraud
The CBI has filed a case against Future Retail Ltd and its promoters, Kishore and Rakesh Biyani, for an alleged Rs 904 crore bank fraud. The investigation follows a complaint by the State Bank of India regarding the diversion of funds meant for business operations.
Why it matters
This case highlights significant corporate governance failures and the ongoing struggle of Indian banks to recover stressed assets from major retail conglomerates.
NEW DELHI: CBI has registered a bank fraud case involving Rs 904 crore against Mumbai-based Future Retail Ltd (FRL) and its top leadership, including key promoters Kishore Biyani and Rakesh Biyani, on charges of alleged diversion and siphoning off funds.Following registration of the case, ED conducted coordinated search operations across multiple premises linked to the promoters and directors of the company in Mumbai. Incriminating documents were seized during the raids, it said.The case, registered on Nov 4, also names unknown public servants and other unidentified individuals under charges of criminal conspiracy, cheating and violations of the Prevention of Corruption Act.The agency launched the probe following a complaint lodged by State Bank of India, Stressed Assets Management Branch-III, Mumbai.
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