The Central Bureau of Investigation (CBI) has registered a case against Future Retail Limited (FRL) promoter Kishore Biyani and several others for allegedly defrauding the State Bank of India (SBI) of ₹904.32 crore. Acting on a complaint from SBI's Stressed Assets Management Branch-III in Mumbai, investigators conducted searches at multiple locations linked to the company's promoters and directors in Mumbai on Friday, November 6, 2026, seizing key documents.
According to the bank's allegations, the company failed to use sanctioned loan facilities according to agreed terms and conditions. SBI claimed that portions of the credit were diverted to associate companies and related entities, raising concerns of financial irregularities.
Kishore Biyani, who built the Future Group into a major player in India's retail sector during the mid- to late-2000s, subsequently faced severe financial difficulties. The company became entangled in a high-stakes legal dispute between Amazon and Reliance in 2022. After Reliance pulled out of a deal worth thousands of crores, Future Retail applied for liquidation before the National Company Law Tribunal (NCLT) in 2023.
