Kishore Biyani, Future Retail and the ₹904-crore bank fraud case: What led to the Group’s collapse?
Kishore Biyani’s Future Group witnessed meteoric rise before mounting financial troubles pushed it into insolvency
The Central Bureau of Investigation (CBI) has charged Future Retail Limited (FRL) promoters Kishore Biyani and others for allegedly defrauding the State Bank of India (SBI) of ₹904.32 crore. This development has once again brought the spotlight on the once-celebrated industry leader. Hailed for steering Future Group's meteoric rise in the Indian retail sector, Biyani's leadership saw the company's meteoric rise before mounting financial troubles led to its insolvency.
The CBI conducted searches at multiple premises linked to the company's promoters and directors in Mumbai, seizing relevant documents. The case was registered following a complaint filed by SBI's Stressed Assets Management Branch-III in Mumbai, alleging that the company failed to utilize sanctioned funds as per the loan terms, diverting portions to associated entities instead.
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