Home / Crime and Justice / Future Retail Probed for Rs 904 Cr Bank Fraud
Future Retail Probed for Rs 904 Cr Bank Fraud
6 Nov
Summary
- Future Retail faces CBI probe for alleged Rs 904 crore bank fraud.
- Kishore Biyani and Rakesh Biyani are named in the case.
- CBI conducted searches at promoter and director premises in Mumbai.
The Central Bureau of Investigation (CBI) has initiated a bank fraud investigation into Future Retail Ltd. and its promoters, Kishore and Rakesh Biyani. This action stems from an alleged Rs 904.32 crore fraud, prompted by a complaint from the State Bank of India (SBI).
The CBI registered the case on November 4, citing criminal conspiracy and cheating related to credit facilities provided by SBI and a nine-bank consortium. Allegations suggest that borrowed funds were improperly diverted through associate companies, causing wrongful loss to the bank.
As part of the probe, the CBI conducted searches on November 6 at various Mumbai locations associated with Future Retail's promoters and directors. Documents relevant to the investigation were reportedly seized during these searches.
Future Retail, once a major player in India's organized retail sector with brands like Big Bazaar, now finds its former operations under scrutiny. The investigation aims to uncover the full extent of the alleged financial irregularities and the roles of individuals involved.
