India Investigates Future Retail and Founder Kishore Biyani in Alleged $96 Million Bank Fraud
India’s Central Bureau of Investigation (CBI) has registered a case against Future Retail and its founder, Kishore Biyani, over an alleged bank fraud involving ₹9.04 billion ($96.01 million). The investigation follows a complaint by the State Bank of India (SBI), which accused the company of conspiring to cheat the bank by misusing sanctioned loan funds.
The CBI said it had conducted searches as part of the investigation and recovered documents considered relevant to the case. The agency is examining the alleged conspiracy and working to establish the full extent of the financial irregularities. It is also investigating the possible involvement of other individuals, including public servants. Biyani has not immediately responded to Reuters’ request for comment.
The case adds to the financial troubles surrounding Future Retail, which was ordered into liquidation by the Mumbai bench of the National Company Law Tribunal in 2024. The latest investigation is expected to examine how the alleged misuse of bank funds occurred and identify all parties involved.
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