CBI Files FIR Against Kishore Biyani, Future Retail in Alleged ₹904-Crore Bank Fraud

FIR includes Kishore Biyani, Rakesh Biyani, and promoters, managing directors, executive directors, and guarantors of the company, and others. These accused are charged with criminal conspiracy for fraud and other offenses according to the Prevention of Corruption Act.

According to the CBI, the accused allegedly conspired to obtain credit facilities from the SBI and a consortium of nine other banks.

The investigating agency alleges that the bank loans were not used for the purposes for which they were approved. Instead, the company diverted funds through its subsidiaries and affiliated entities, causing losses to the banks.

According to the agency, the estimated loss to SBI since the fraud was declared on March 23, 2026, was ₹904.32 crore. This includes estimated interest of ₹1,331.91 crore, bringing the total loss to ₹2,236.23 crore.

Future Retail operated hypermarket and supermarket brands such as Big Bazaar, Fashion@Big Bazaar, and Foodhall. The company was also active in FMCG and fashion products.

The CBI conducted searches at several locations in Mumbai after registering an FIR on November 4. The agency is now investigating the final use of the loan funds and the involvement of government officials and private individuals in the alleged conspiracy. There was no immediate response from the company.

The Mumbai bench of the National Company Law Tribunal (NCLT) declared Videocon Industries promoter and director Venugopal Dhoot bankrupt. The NCLT accepted the petition filed by the SBI for defaulting on loans worth ₹12,668 crore.

A bankruptcy trustee has also been appointed to administer the bankruptcy proceedings. Dhoot was a personal guarantor for loans taken from the SBI and other banks.