CBI Books Future Retail, Kishore Biyani in ₹904.32 Crore SBI Bank Fraud Case; Searches Conducted Across Mumbai
The Central Bureau of Investigation (CBI) has registered a major bank fraud case against Future Retail Limited (FRL), its founder Kishore Biyani, his brother Rakesh Biyani and other individuals over alleged financial irregularities involving ₹904.32 crore belonging to the State Bank of India (SBI). The case has brought renewed attention to the financial collapse of one of India’s once-prominent retail groups.
According to the CBI, the First Information Report (FIR) was registered on November 4, 2026, following a complaint from SBI’s Stressed Assets Management Branch-III in Mumbai. The bank alleged that Future Retail and its promoters caused a wrongful financial loss of ₹904.32 crore through the alleged diversion and misuse of borrowed funds.
The investigation concerns credit facilities obtained from SBI and a consortium of nine banks. These facilities reportedly included working capital loans, term loans and letters of credit intended to support the company’s business operations.
The CBI has alleged that the funds were not utilised for their sanctioned purposes. Instead, the money was allegedly diverted and siphoned off through associate companies and connected entities, raising questions about the movement and ultimate utilisation of the borrowed funds.
Following registration of the case, CBI teams conducted searches at multiple premises linked to Future Retail’s promoters and directors across Mumbai on November 6. During the operation, investigators recovered and seized documents considered relevant to the investigation.
The agency has registered the case under provisions relating to criminal conspiracy and cheating, along with relevant provisions of the Prevention of Corruption Act. The FIR also names unidentified public servants and other individuals whose alleged involvement is being examined.
A forensic audit has emerged as an important part of the investigation. According to reports, the audit conducted by BDO India LLP examined Future Retail’s financial transactions between April 1, 2017, and April 30, 2022. The findings reportedly highlighted questionable transactions involving related entities, financial record discrepancies and the movement of substantial funds through connected companies.
SBI’s loan account was classified as a non-performing asset retrospectively from April 26, 2021. The bank’s Fraud Identification Committee subsequently declared the account fraudulent on March 23, 2026, according to the reported details of the FIR.
The allegations also include concerns about transactions involving companies associated with the Future Group. Investigators are examining whether funds transferred to connected entities were subsequently used for purposes unrelated to the original credit facilities.
The case represents another significant development in the financial troubles of Future Retail, which once operated some of India’s most recognisable retail brands, including Big Bazaar, Fashion@Big Bazaar and Foodhall.
Founded by Kishore Biyani, Future Retail played a major role in expanding organised retail across India. Big Bazaar, in particular, became a familiar destination for middle-class shoppers before the company encountered severe financial difficulties.
The company’s financial position deteriorated amid mounting debt, operational challenges and disruptions to its business. In 2024, the Mumbai bench of the National Company Law Tribunal ordered Future Retail’s liquidation, marking a major setback for the retail group.
The latest CBI investigation is focused on establishing the full extent of the alleged financial irregularities, identifying the individuals responsible and tracing the end-use of the loan funds.
Investigators are also examining the possible involvement of public servants and private individuals in the alleged conspiracy. The documents seized during the Mumbai searches are expected to form part of the ongoing examination.
The allegations against Kishore Biyani, Rakesh Biyani and Future Retail have not yet been established in court. The investigation remains ongoing, and further action will depend on the evidence gathered by the agency.
