The CBI has registered an FIR against Future Retail Ltd and noted businessman Kishore Biyani in an alleged bank fraud of Rs 904.32 crore and conducted searches at premises linked to him in Mumbai on Friday, officials said.
“The Central Bureau of Investigation (CBI) has registered a case on the complaint of the State Bank of India, Stressed Assets Management Branch – III, Mumbai against M/s Future Retail Ltd. (M/s. No immediate reaction was available from the company. The CBI alleged that the company did not use the bank funds for the purposes for which they had been sanctioned.
FRL) and its Promoters/Managing Directors/ Executive Directors/Guarantors namely, (i) Kishore Biyani (ii) Rakesh Biyani, unknown public servants and unknown others for offenses of criminal conspiracy for cheating and also the offenses under the Prevention of Corruption Act, resulting in alleged wrongful loss of Rs.904.32 Crores to the complainant Bank,” a CBI Spokesperson said in a statement.
The CBI has alleged that according to a complaint filed by SBI, the accused persons entered into a criminal conspiracy to obtain credit facilities from the State Bank of India and also from the consortium of nine banks. “It is further alleged that the company diverted the funds by siphoning them off through associate companies/connected entities and caused loss to the bank,” the statement said.
