Rs 904.32 Crore Bank Fraud in SBI Led Banks by Mumbai Based Company M/s Future Retail Ltd

Rs 904.32 Crore Bank Fraud has been reported by a consortium of banks led by SBI against Mumbai Based Company M/s. Future Retail Ltd.

The Central Bureau of Investigation (CBI) has registered a case on the complaint of State Bank of India, Stressed Assets Management Branch – III, Mumbai against M/s Future Retail Ltd. (M/s. FRL) and its Promoters/Managing Directors/ Executive Directors/Guarantors namely, (i) Kishore Biyani (ii) Rakesh Biyani, unknown public servants and unknown others for offences of criminal conspiracy for cheating and also the offences under the Prevention of Corruption Act, resulting in alleged wrongful loss of Rs.904.32 Crores to the complainant Bank.

Also Read: Rs 16 crore funds misappropriated at Cooperative Bank in Mysuru

It has been alleged that the accused persons entered into a criminal conspiracy, obtained Credit Facilities viz. Working Capital, Term Loan and Letter of Credit from the complainant Bank and, also from the consortium of 9 banks.

The company was operated through Multiple Retail Formats across Hypermarket, Supermarket like Big Bazaar, Fashion@Big Bazaar, Foodhall etc. The company was also engaged in General Trading of FMCG and Fashion Goods through the Stores Operated by them. The company availed credit facility from SBI, Commercial Branch, Fort, Mumbai.

The company defrauded the bank by not utilizing the bank funds for the intended purpose for which it was sanctioned. Further, it is alleged that the company diverted the funds by siphoning off through associate companies/connected entities and caused loss to the bank.

Also Read: Govt plans to sell around 10% stake in Punjab & Sind Bank

Following registration of the case on 04.11.2026, the CBI conducted searches today at multiple premises linked to the Promoters/Directors of M/s FRL in Mumbai. During the searches, incriminating documents relevant to the investigation were recovered and seized.

Investigation is continuing to ascertain the full extent of the conspiracy, identify the role of all involved persons, including public servants and private individuals, and trace the end-use of the loan funds.