CBI books Kishore Biyani, Future Retail in Rs 904-crore bank fraud case

The Central Bureau of Investigation (CBI) has registered a bank fraud case against Future Retail Ltd and its promoters Kishore Biyani and Rakesh Biyani over an alleged fraud of Rs 904.32 crore involving the State Bank of India (SBI), officials said on Friday.

The case was registered on a complaint by SBI's Stressed Assets Management Branch-III, Mumbai, alleging that the company diverted and siphoned off bank funds through associate companies and connected entities instead of using them for the purposes for which they were sanctioned.

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The CBI has also named unknown public servants and other individuals in the case. The agency conducted searches at multiple premises linked to the company's promoters and directors in Mumbai and seized documents relevant to the investigation.

The agency is investigating the alleged diversion of funds and the role of other individuals involved in the case.

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