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CBI Books Kishore Biyani, Future Retail in Rs 904-Crore Bank Fraud Case
The agency alleges the retailer and Kishore Biyani diverted bank funds through connected entities and caused a wrongful loss of Rs 904.32 crore.
- On Friday, the Central Bureau of Investigation registered an FIR against Future Retail Ltd and promoter Kishore Biyani for an alleged bank fraud of Rs 904.32 crore, conducting searches at his Mumbai premises.
- The State Bank of India filed a complaint alleging the firm diverted sanctioned funds through connected entities. "It is further alleged that the company diverted the funds by siphoning them off through associate companies/connected entities and caused loss to the bank," the statement said.
- Investigators recovered incriminating documents during the searches in Mumbai. "Incriminating documents relevant to the investigation were recovered and seized during the searches," the CBI spokesperson said.
- Rakesh Biyani, brother of Kishore, faces charges of criminal conspiracy and offenses under the Prevention of Corruption Act in connection with the alleged Rs 904.32 crore loss.
- Agencies continue tracing the end-use of loan funds and identifying roles of public servants involved, while no immediate reaction was available from Future Retail regarding the charges.
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State Bank of India files complaint against Future Retail over alleged credit diversion
The Central Bureau of Investigation (CBI) has initiated a criminal probe into Mumbai-based Future Retail Ltd (FRL) and its promoters, Kishore and Rakesh Biyani, following allegations of a ₹904.3 crore bank fraud. The case centres on the alleged siphoning and diversion of funds that were originally sanctioned as credit facilities for the company's retail operations. The investigation was triggered by a formal complaint from the State Bank of Indi…
Coverage Details
Total News Sources23
Leaning Left2Leaning Right8Center1Last UpdatedBias Distribution73% Right
Bias Distribution
- 73% of the sources lean Right
73% Right
L 18%
R 73%
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