CBI Raids Mumbai Premises Linked To Kishore Biyani After Registering ₹904 Crore Fraud Case Against Future Retail

Mumbai: The Central Bureau of Investigation (CBI) has registered a criminal case against M/s Future Retail Ltd. (FRL), its key promoters Kishore Biyani and Rakesh Biyani, along with unnamed public servants and private individuals, for allegedly defrauding the State Bank of India (SBI) to the tune of ₹904.32 crore. The case was registered on November 04, following a formal complaint lodged by SBI’s Stressed Assets Management Branch-III in Mumbai.

Future Retail Operated Big Bazaar, Foodhall And Other Retail ChainsFuture Retail Limited (M/s FRL) was engaged in the business of retailing of fashion, household and consumer products through departmental and neighborhood stores under various formats across the country.

The company was operated through multiple retail formats across hypermarket, supermarket and home segments for the Indian consumers. It was operating through large format stores like Big Bazaar, Fashion @ Big Bazaar, Foodhall, Hypercity etc. The company was also engaged in general trading of FMCG and fashion goods through the stores operated by them.