Big Bazaar Founder Under CBI Scanner Over Alleged ₹904-Crore SBI Fraud
What Happened
The Central Bureau of Investigation (CBI) has registered an FIR against Future Retail, its promoter Kishore Biyani, his brother Rakesh Biyani and others over an alleged bank fraud of ₹904.32 crore involving the State Bank of India (SBI). Based on SBI's complaint, the agency alleges that credit facilities obtained from SBI and a consortium of nine banks were diverted through associate companies instead of being used for their approved purposes. The CBI registered the case on November 4, 2026, and conducted searches at multiple locations in Mumbai, seizing documents relevant to the investigation.
Key Takeaways
The investigation highlights concerns around the alleged diversion of bank loans and financial accountability in corporate lending. The case could have wider implications for banking recovery efforts and corporate governance. However, the allegations are still under investigation and guilt has not been established.