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.