CBI Files Bank Fraud Case Against Future Retail and Kishore Biyani Over 904 Crore Rupees

The Central Bureau of Investigation has filed a case against Future Retail Limited and its promoters, Kishore Biyani and Rakesh Biyani, for allegedly cheating the State Bank of India of ₹904.32 crore. Investigators searched multiple locations in Mumbai linked to the company's directors and promoters on Friday to seize documents and material related to the probe. The case started after a complaint from the bank's Mumbai branch. Officials say the company broke loan rules by not using the borrowed money for the agreed purposes. Instead, portions of the funds reportedly went to related companies and associate firms.

Investigation Details

The FIR also names the managing director, executive directors, guarantors, and unknown public servants. Investigators are tracking the money trail to see where the funds ended up and who benefited from the transactions. Officials are checking if the loan money was sent away through fake or fraudulent arrangements.

Context

Bank fraud cases of this type usually involve forensic audits to trace large sums of corporate debt that turned into bad loans. Public sector banks in India regularly report such suspected fund diversions to investigative agencies like the CBI for criminal proceedings.