The Central Bureau of Investigation (CBI) has registered a criminal case over an alleged ₹904-crore bank fraud involving Future Retail Ltd., its promoters Kishore Biyani and Rakesh Biyani, and others, and carries out searches in Mumbai-linked locations. Multiple outlets report that the case is based on a complaint by the State Bank of India (SBI) and centres on allegations that sanctioned loan funds were not used for their intended purpose.
According to the CBI, the accused conspired to obtain credit facilities from SBI and a consortium of nine other banks, including working capital loans, term loans and letters of credit used to support Future Retail’s operations. Outlets also report the allegation that funds were misappropriated and diverted through associate or connected entities, which allegedly caused wrongful loss to SBI. Some coverage adds detail on Future Retail’s retail formats and highlights CBI’s steps such as filing the case and conducting searches.
While the reporting broadly aligns on the parties involved, the case amount and the core allegation of diversion of bank funds, outlets differ in emphasis. Several focus tightly on the booking and raids, while one outlet also lays out the structure of Future Retail’s businesses and the timeline of the case registration.
