CBI Raids Mumbai Premises Linked To Kishore Biyani After Registering ₹904 Crore Fraud Case Against Future Retail

Mumbai: The Central Bureau of Investigation (CBI) has registered a criminal case against M/s Future Retail Ltd. (FRL), its key promoters Kishore Biyani and Rakesh Biyani, along with unnamed public servants and private individuals, for allegedly defrauding the State Bank of India (SBI) to the tune of ₹904.32 crore. The case was registered on November 04, following a formal complaint lodged by SBI’s Stressed Assets Management Branch-III in Mumbai.

Future Retail Operated Big Bazaar, Foodhall And Other Retail Chains

Future Retail Limited (M/s FRL) was engaged in the business of retailing of fashion, household and consumer products through departmental and neighborhood stores under various formats across the country. The company was operated through multiple retail formats across hypermarket, supermarket and home segments for the Indian consumers. It was operating through large format stores like Big Bazaar, Fashion @ Big Bazaar, Foodhall, Hypercity etc. The company was also engaged in general trading of FMCG and fashion goods through the stores operated by them.

CBI Alleges Conspiracy To Obtain Credit Facilities From SBI And Nine Banks

According to the CBI, the accused entered into a criminal conspiracy to fraudulently obtain multiple credit facilities from SBI's Commercial Branch in Fort, Mumbai, as well as a consortium of nine other banks. The credit lines included working capital loans, term loans, and letters of credit meant to support FRL's retail and trading operations.

However, the CBI alleged that funds sanctioned for operational requirements were deliberately misappropriated. "The company availed credit facility from SBI, Commercial Branch, Fort, Mumbai and defrauded the bank by not utilizing the bank funds for the intended purpose for which it was sanctioned," the CBI stated on Friday. "Further, it is alleged that the company diverted the funds by siphoning off through associate companies and connected entities, causing wrongful loss to the bank." The agency has charged the accused with criminal conspiracy, cheating, and violations under the Prevention of Corruption Act.

Due to non-payment of outstanding dues of Rs.904.32 crores the account of M/s FRL was classified as NPA on April 26, 2021 (retrospectively). The account of M/s FRL was declared as fraud on March 23, 2026 on the basis of a Forensic Audit Report conducted for the period from April 01, 2017 to April 30, 2022. "It is alleged in the forensic audit report that, the directors of M/s FRL indulged themselves in routing substantial funds to related parties and connected entities whose financial capacity and business operations were not commensurate with the transactions undertaken. The audit further highlighted manipulation of accounting records, falsification of books of accounts, layering of financial transactions through connected entities etc., and concealed the true financial position of the company to cheat the bank," the CBI claimed in its FIR.

Following the registration of the First Information Report (FIR), CBI teams carried out coordinated searches on Friday across several premises linked to the promoters and directors of Future Retail in Mumbai. Investigators confirmed that incriminating documents relevant to the investigation were recovered and seized during the operation.

The central agency added that probe operations remain ongoing. Investigators are actively tracing the ultimate end-use of the borrowed funds, determining the full scope of the financial conspiracy, and identifying the specific roles of all involved individuals, including suspected public servants who may have facilitated the alleged fraud.

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