The Central Bureau of Investigation (CBI) has launched a significant investigation into Future Retail Ltd. (FRL) and its prominent figures, Kishore Biyani and Rakesh Biyani, for their alleged involvement in a bank fraud amounting to ₹904.32 crore. This criminal case was officially registered on November 4, 2026, following a formal complaint from the State Bank of India (SBI), specifically from its Stressed Assets Management Branch-III in Mumbai. The case implicates not only the Biyani brothers but also unnamed public servants and private individuals, raising serious concerns about the integrity of financial dealings within the company.

On the same day the case was registered, the CBI conducted raids at multiple locations associated with the Biyani brothers in Mumbai. These searches targeted the premises of Future Retail and its key promoters, reflecting the agency's commitment to tackling financial fraud in the corporate sector. The FIR filed by the CBI outlines the alleged fraudulent activities that led to the substantial financial loss for SBI, which has been a significant player in the banking sector.S2

Future Retail, known for operating well-known retail chains such as Big Bazaar and Foodhall, has faced mounting scrutiny as the investigation unfolds. The involvement of high-profile figures like Kishore and Rakesh Biyani underscores the potential implications for the broader retail industry in India, particularly as it grapples with financial stability amid economic challenges. The outcome of this investigation could have far-reaching effects on the company's operations and reputation.S1S2