Business · India Bureau
CBI files fraud case against Future Retail chief Kishore Biyani
The Central Bureau of Investigation has registered a criminal case against Future Retail Ltd and its promoters, including businessman Kishore Biyani, over an alleged bank fraud exceeding ₹904 crore. Searches were conducted at multiple premises in Mumbai on Friday.
LSN India ·
The CBI has booked Future Retail Ltd, its Managing Directors and Executive Directors, along with promoter Kishore Biyani and his brother Rakesh Biyani, in connection with the alleged financial irregularities. The case was registered following a complaint filed by the State Bank of India's Stressed Assets Management Branch-III in Mumbai.
The investigation centres on alleged criminal conspiracy, cheating and violations of the Prevention of Corruption Act that purportedly resulted in wrongful losses of ₹904.32 crore to the State Bank of India. The CBI's case also names unknown public servants and other unidentified individuals as co-accused.
Searches were carried out at premises associated with the accused in Mumbai as part of the agency's preliminary investigation. The CBI also booked unknown others in the case, suggesting the investigation may widen as it progresses.
Future Retail, which operates retail chains across India, has faced financial challenges in recent years. The development marks a significant escalation in scrutiny of the group's financial dealings and governance practices.