CBI books Future Retail, Kishore Biyani in ₹904 crore SBI fraud case

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CBI books Future Retail, Kishore Biyani in ₹904 crore SBI fraud case

Synopsis

The CBI has booked Future Retail's Kishore Biyani and others in a ₹904.32 crore SBI bank fraud case, alleging funds from a nine-bank consortium were diverted through associate companies. Searches at Mumbai premises on 6 November 2026 have already yielded key documents — marking one of the most significant prosecutions tied to India's collapsed retail giant.

Key Takeaways

The CBI registered a bank fraud FIR on 4 November 2026 against Future Retail Ltd. , promoters Kishore Biyani and Rakesh Biyani , and others.
The alleged wrongful loss to SBI is ₹904.32 crore ; credit facilities were drawn from a consortium of nine banks .
Charges include criminal conspiracy , cheating , and offences under the Prevention of Corruption Act .
Funds were allegedly not used for sanctioned purposes and were reportedly diverted through associate companies and connected entities.
CBI conducted searches at multiple Mumbai premises on 6 November 2026 , seizing documents relevant to the investigation.

The Central Bureau of Investigation (CBI) has registered a bank fraud case against Future Retail Ltd. (FRL) and its promoters, including Kishore Biyani and Rakesh Biyani, on a complaint filed by the State Bank of India (SBI), alleging a wrongful loss of ₹904.32 crore to the bank. The FIR was registered on 4 November 2026, with searches conducted at multiple premises in Mumbai on 6 November 2026.

Key Developments

The case has been registered against FRL, its promoters, managing directors, executive directors, guarantors, unknown public servants, and other unidentified persons. Charges include criminal conspiracy, cheating, and offences under the Prevention of Corruption Act, according to the CBI. The complaint was filed by SBI against the retail conglomerate that once operated major formats including Big Bazaar, Fashion@Big Bazaar, and Foodhall.

How the Alleged Fraud Unfolded

Investigators alleged that the accused entered into a criminal conspiracy to secure various credit facilities — including working capital loans, term loans, and letters of credit — from SBI and a consortium of nine banks. FRL had availed these credit facilities from SBI's Commercial Branch in Fort, Mumbai.

According to the complaint, the funds were reportedly not utilised for the sanctioned purposes. Investigators further alleged that a portion of the borrowed money was diverted and siphoned off through associate companies and connected entities, causing substantial losses to the lending institutions.

Searches and Seizures

Following registration of the FIR, the CBI conducted searches on Friday, 6 November at multiple premises linked to FRL's promoters and directors across Mumbai. The agency stated that several documents relevant to the investigation were recovered and seized during the operations. The scale of the search suggests investigators are building a documentary trail to establish fund diversion.

Scope of the Investigation

The CBI said the investigation is ongoing to determine the full extent of the alleged conspiracy, identify the roles of all individuals involved — including both public servants and private entities — and trace the end use of the loan funds. This comes amid a broader regulatory crackdown on large-scale corporate borrowers who allegedly misused bank credit during FRL's rapid retail expansion phase. Future Retail had been under financial and legal stress for several years before its collapse, making this case a significant addition to India's growing roster of high-profile bank fraud prosecutions.

Point of View

Which raises questions about due diligence at multiple institutions, not just SBI. The alleged diversion through associate companies is a pattern seen repeatedly in large Indian corporate fraud cases, suggesting systemic gaps in loan monitoring. With searches already conducted and documents seized, the pace of this investigation will be watched closely by creditors and corporate governance advocates alike.
NationPress
6 Nov 2026

Frequently Asked Questions

What is the CBI case against Future Retail and Kishore Biyani?
The CBI has registered a bank fraud case against Future Retail Ltd. and its promoters, including Kishore Biyani and Rakesh Biyani, on a complaint by SBI alleging a wrongful loss of ₹904.32 crore. Charges include criminal conspiracy, cheating, and offences under the Prevention of Corruption Act.
What was the alleged modus operandi in the Future Retail fraud case?
Investigators alleged that FRL and its promoters secured working capital loans, term loans, and letters of credit from SBI and a consortium of nine banks, but did not use the funds for sanctioned purposes. A portion was reportedly diverted and siphoned off through associate companies and connected entities.
When did the CBI conduct searches in the Future Retail case?
The CBI conducted searches on Friday, 6 November 2026, at multiple premises linked to FRL's promoters and directors in Mumbai, following the registration of the FIR on 4 November 2026. Several documents relevant to the investigation were seized.
Which banks are involved in the Future Retail fraud case?
SBI filed the original complaint and is the primary complainant. The credit facilities were allegedly drawn from SBI's Commercial Branch in Fort, Mumbai, as part of a consortium of nine banks whose full list has not yet been officially disclosed.
What is the current status of the CBI investigation into Future Retail?
The investigation is ongoing. The CBI is working to determine the full scope of the alleged conspiracy, identify the roles of all individuals — including public servants — and trace the end use of the loan funds. Documents seized during the 6 November 2026 searches are being examined.
Nation Press
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