NEW DELHI: CBI has registered a bank fraud case involving Rs 904 crore against Mumbai-based Future Retail Ltd (FRL) and its top leadership, including key promoters Kishore Biyani and Rakesh Biyani, on charges of alleged diversion and siphoning off funds.Following registration of the case, ED conducted coordinated search operations across multiple premises linked to the promoters and directors of the company in Mumbai. Incriminating documents were seized during the raids, it said.The case, registered on Nov 4, also names unknown public servants and other unidentified individuals under charges of criminal conspiracy, cheating and violations of the Prevention of Corruption Act.The agency launched the probe following a complaint lodged by State Bank of India, Stressed Assets Management Branch-III, Mumbai. According to CBI, the retail entity and its executives entered into a criminal conspiracy to obtain extensive credit facilities, including working capital loans, term loans and letters of credit, from SBI's Commercial Branch in Fort, Mumbai, as well as a consortium of nine participating banks.
Future Retail previously operated multiple well-known retail formats, including hypermarket and supermarket chains such as Big Bazaar,…