CBI books Future Retail over alleged Rs 904.32 crore loss to SBI, searches premises
The CBI has registered a case against Future Retail Ltd and its promoters on a State Bank of India complaint alleging a wrongful loss of Rs 904.32 crore, and searched premises in Mumbai.
Key points
- The CBI registered a case on 4 November 2026 against Future Retail Ltd and its promoters on a complaint by State Bank of India.
- The CBI alleges the accused caused a wrongful loss of Rs 904.32 crore to SBI by diverting loan funds through connected entities.
- The CBI says the investigation continues; these are allegations, and the accused are presumed innocent until proven guilty.
The Central Bureau of Investigation (CBI) has registered a case against Mumbai-based Future Retail Ltd (FRL) and its promoters on a complaint by State Bank of India (SBI), alleging a wrongful loss of Rs 904.32 crore to the bank. The case was registered on 4 November 2026, and the CBI said it searched several premises in Mumbai linked to the company's promoters and directors, according to its release dated 6 November 2026.
What Happened
The complaint came from SBI's Stressed Assets Management Branch-III in Mumbai. The CBI has named the company, two of its promoters who served as managing or executive directors and guarantors, unknown public servants and unknown others. The case covers criminal conspiracy for cheating and offences under the Prevention of Corruption Act.
The company ran multiple retail formats, including hypermarkets and supermarkets such as Big Bazaar, Fashion@Big Bazaar and Foodhall, and traded in FMCG and fashion goods through its stores. According to the CBI, it took working capital, term loans and letters of credit from SBI's Commercial Branch at Fort, Mumbai, and from a consortium of nine banks.
The CBI has alleged that the accused entered into a criminal conspiracy and that the company did not use the bank funds for the purpose for which they were sanctioned. The CBI further alleges that the company diverted and siphoned off funds through associate companies and connected entities, causing a loss to the bank.
The CBI said incriminating documents relevant to the investigation were recovered and seized during the searches.
These are allegations, not findings of guilt; the accused are presumed innocent until proven guilty in court, and due process continues.
What It Means
The case is at the first stage of a criminal process: a registered case and searches. The CBI said its investigation is continuing to establish the full extent of the alleged conspiracy, identify the role of everyone involved, including public servants and private individuals, and trace how the loan money was finally used.
The release does not name the other banks in the consortium or say whether they have also complained. Any chargesheet, if the CBI files one, will have to be tested at trial before a court decides on guilt.
Source: CBI press release
This report describes enforcement actions and allegations on the public record, attributed to the officials cited. An order, FIR or chargesheet is not a conviction; parties are presumed innocent until proven guilty.
Named in this report, or spotted an error? Corrections and responses: editor@oquilia.com. We correct errors promptly and record responses from named parties.
Sources & Citations
- CBI press release — Central Bureau of Investigation