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The Central Bureau of Investigation (CBI) has registered a ₹904.32 crore bank fraud case against Mumbai-based Future Retail Ltd, its promoters Kishore Biyani and Rakesh Biyani, and others following a complaint by the State Bank of India (SBI). The agency also conducted searches at multiple premises linked to the company’s promoters and directors in Mumbai on November 6, 2026.
The case, registered on November 4, involves allegations of criminal conspiracy, cheating and diversion of bank funds through associated companies and connected entities. The CBI said the alleged irregularities caused a wrongful loss of ₹904.32 crore to SBI.
The FIR also names unidentified public servants and other individuals under provisions relating to criminal conspiracy, cheating and offences under the Prevention of Corruption Act.
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SBI Alleges Diversion of Loans Through Associated Companies
According to the CBI, the case was registered following a complaint from SBI’s Stressed Assets Management Branch-III in Mumbai.
The complaint alleged that Future Retail and its promoters obtained credit facilities, including working capital loans, term loans and letters of credit, from SBI and a consortium of nine banks.
The company operated several retail formats, including Big Bazaar, Fashion@Big Bazaar and Foodhall, and was engaged in the sale of fast-moving consumer goods and fashion products.
Future Retail had availed credit facilities from SBI’s Commercial Branch at Fort in Mumbai.
The CBI alleged that the company failed to utilise the borrowed funds for their sanctioned purposes and instead diverted money through associate companies and connected entities.
The agency said the alleged diversion and siphoning of funds resulted in substantial financial losses to the complainant bank.
CBI Searches Mumbai Premises, Seizes Documents
Following the registration of the case on November 4, the CBI carried out searches on November 6 at multiple premises associated with Future Retail’s promoters and directors in Mumbai.
During the searches, investigators recovered and seized documents considered relevant to the alleged bank fraud.
The agency did not disclose the number of premises searched or the value of any assets recovered during the operation.
The searches were conducted as part of the investigation into the alleged misuse of credit facilities and the movement of funds through entities linked to Future Retail.
Investigation to Examine Fund Diversion and Role of Bank Officials
The CBI is examining the alleged conspiracy involving Future Retail, its promoters, directors, guarantors and other individuals connected with the loan transactions.
Investigators are also looking into the possible involvement of unidentified public servants and private individuals in the alleged fraud.
The agency said its investigation would focus on establishing the full extent of the suspected conspiracy and tracing the end-use of funds obtained through the credit facilities.
The CBI has not disclosed further findings regarding the alleged diversion of money or the specific roles of other individuals under investigation.
Further investigation is underway.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
