Mumbai/Alive News: The Central Bureau of Investigation (CBI) has registered an FIR against Kishore Biyani, founder of Big Bazaar, and his brother Rakesh Biyani in an alleged bank fraud case involving ₹904.32 crore. The agency has also named Future Retail Limited in the case and conducted searches at locations linked to the businessman in Mumbai on Friday.
The case was registered on November 4 following a complaint by the State Bank of India’s Stressed Assets Management Branch-III in Mumbai. The allegations include criminal conspiracy, cheating and offences under the Prevention of Corruption Act.
SBI alleges diversion of loan funds
According to the CBI, SBI alleged that Future Retail and its promoters obtained credit facilities from the bank and a consortium of nine lenders through a criminal conspiracy.
The agency further alleged that the company did not use the borrowed money for the purposes for which the loans were approved. Instead, funds were allegedly diverted through associate companies and connected entities, causing a loss of ₹904.32 crore to the bank.
CBI conducts searches in Mumbai
Following the registration of the FIR, the CBI conducted searches at multiple premises linked to the accused in Mumbai.
During the searches, investigators recovered and seized documents considered relevant to the investigation, according to the agency’s spokesperson.
The CBI is now examining the alleged diversion of loan funds and the roles of the people involved, including private individuals and public servants. The investigation will also establish how the borrowed money was used.
No immediate response from the company was available.
Future Retail operated Big Bazaar
Future Retail Limited operated several retail brands, including Big Bazaar, Fashion@Big Bazaar and Foodhall. The company was involved in selling groceries, fast-moving consumer goods (FMCG) and fashion products through its stores.
The allegations are part of an ongoing investigation, and the accused have not been convicted.
