CBI probes alleged ₹904.32 crore Future Retail bank fraud

The Central Bureau of Investigation has opened a case against Future Retail, its promoters Kishore Biyani and Rakesh Biyani, and others over an alleged bank fraud involving ₹904.32 crore, and searched premises in Mumbai as part of its inquiry. The amount is an alleged loss cited in a complaint by the State Bank of India, not a finding of liability. The CBI said it registered the FIR on November 4, following a complaint from SBI’s Stressed Assets Management Branch III in Mumbai. The case names the company, its promoters and directors, guarantors, unidentified public servants and others. The agency said the searches took place at multiple Mumbai premises on November 6 and resulted in the recovery and seizure of documents relevant to the investigation. According to the CBI’s account of the bank’s complaint, Future Retail allegedly failed to use sanctioned credit for its intended purposes and diverted funds through associate or connected entities. SBI’s complaint alleged wrongful loss of ₹904.32 crore. The CBI is investigating the movement and end use of the loan funds, as well as the roles of the named individuals and unidentified public servants and others. The case includes...