CBI books Future Retail, Big Bazaar promoters in Rs 904.32 cr bank fraud

The Central Bureau of Investigation (CBI) has registered a criminal case against Future Retail Ltd., the company behind the once-ubiquitous Big Bazaar chain, and its promoters for an alleged bank fraud of Rs 904.32 crore. Meanwhile, the group owes banks (including foreign banks) more than Rs 19,500 crore, investigators say.

The FIR, filed on November 4 on a complaint by State Bank of India’s Stressed Assets Management Branch-III, Mumbai, names Kishore Biyani and Rakesh Biyani, along with unknown public servants and private individuals.