Bank of India has classified Kishore Biyani-promoted Future Enterprises’ ₹575.40 crore loan account as fraud.
Why Has Bank of India Declared the Account Fraud?
Bank of India (BoI) has classified the loan account of Future Enterprises Ltd (FEL), promoted by businessman Kishore Biyani, as fraud. The account was already categorised as a non-performing asset (NPA) in the public sector lender’s books.
According to a regulatory filing, Future Enterprises owes the bank ₹575.40 crore. The lender has made full provisions against the outstanding amount, meaning it has already accounted for the entire exposure in its financial records.
In its disclosure to the BSE, the bank said the classification was made under the applicable provisions of the Securities and Exchange Board of India’s Listing Obligations and Disclosure Requirements Regulations, 2015, and its policy governing the disclosure of material events.
How Much Does Future Group Owe Banks?
Future Group reportedly owes lenders ₹5,278 crore, including Union Bank of India, Bank of India, Bank of Baroda, State Bank of India, Axis Bank and IDBI Bank. The group’s aggregate dues to banks are estimated at approximately ₹30,000 crore.
The latest classification adds to the financial difficulties facing the group, which once operated major retail brands, including Big Bazaar, Central Mall and Brand Factory.
Future Retail Ltd, the group’s flagship company, was admitted to the corporate insolvency resolution process by the Mumbai bench of the National Company Law Tribunal in February 2023.
What Led to Future Group’s Financial Troubles?
Future Group, once a prominent player in India’s organised retail sector, faced mounting debt, financial pressure and legal disputes.
The Covid-19 pandemic, particularly its second and third waves, further weakened the group’s financial position and its ability to repay lenders.
In August 2020, Future Group agreed to sell its retail, logistics and warehousing businesses to Reliance Retail for ₹24,713 crore. The proposed transaction was intended to help the group meet its debt obligations. However, Amazon opposed the deal, citing contractual restrictions linked to its investment in Future Coupons, a Future Group entity. The dispute complicated the proposed transaction.
What Is Kishore Biyani Doing Now?
Biyani has recently been involved in a new entrepreneurial initiative outside his former retail business. In December 2025, he partnered with Zerodha co-founder Nikhil Kamath to launch The Foundery, a residential business launchpad designed to help entrepreneurs develop startups and prepare them for investment through a structured 90-day programme.
The initiative marks a new business undertaking for Biyani, whose earlier retail empire expanded rapidly during the 1990s and 2000s before encountering severe financial difficulties.
Bank of India’s decision places another Future Group loan account under fraud classification, even though the lender has already made provisions for the entire ₹575.40 crore exposure. The development highlights the distinction between recognising a financial loss and formally classifying a loan account as fraud, against the backdrop of the group’s wider debt and insolvency problems.
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