Suryaa National Desk: The Central Bureau of Investigation (CBI) has registered a criminal case against Future Retail Limited, its founder Kishore Biyani, and co-promoter Rakesh Biyani. The investigation follows allegations of causing a loss of approximately Rs 904.32 crore to a consortium of banks led by the State Bank of India (SBI). CBI officials stated that the FIR was registered based on an official complaint filed by the Stressed Assets Management Branch of SBI in Mumbai.
The CBI stated that Future Retail had obtained significant loans in the form of working capital, term loans, and letters of credit from a consortium including SBI and nine other banks. Preliminary investigations suggest that the funds were diverted rather than used for the business purposes for which they were sanctioned. The company is accused of conspiring to defraud banks by diverting funds through subsidiary entities.
CBI teams conducted searches at various premises and offices belonging to the Biyani family in Mumbai and seized documents. Future Retail, which is already facing insolvency and liquidation proceedings due to financial issues and regulatory violations, now faces this criminal case. The CBI stated that the investigation is ongoing regarding the roles of other private individuals and unknown public servants involved in the alleged conspiracy.
