The Central Bureau of Investigation (CBI) has registered a case against Future Retail Limited, businessman Kishore Biyani, his brother Rakesh Biyani and others in an alleged bank fraud involving ₹904.32 crore.
The agency also conducted searches at several locations linked to Kishore Biyani in Mumbai on Friday. The case was registered on November 4 following a complaint by the State Bank of India (SBI).
According to the CBI, the complaint alleges that the accused conspired to obtain credit facilities from SBI and a consortium of nine other banks. The funds were allegedly used for purposes other than those for which they had been sanctioned.
The agency further alleged that the loan funds were diverted through subsidiary companies and other associated entities, causing an alleged loss of ₹904.32 crore to the bank.
The case also names unidentified government officials and other unknown persons. It involves allegations of criminal conspiracy to commit fraud and offences under the Prevention of Corruption Act.
During Friday's searches, investigators recovered and seized documents considered relevant to the case. The CBI said its investigation is continuing to establish the roles of all those involved and trace the final use of the loan funds.
Future Retail had not issued an immediate response to the allegations at the time of publication.
