The CBI has registered a case against Future Retail, its promoters Kishore Biyani and Rakesh Biyani, and others for allegedly conspiring to secure credit facilities from SBI and a consortium of nine banks through fraudulent means.
The Central Bureau of Investigation (CBI) has registered a case against industrialist Kishore Biyani, Future Retail Ltd (FRL), its promoter Rakesh Biyani and others in an alleged Rs 904.32 crore bank fraud case involving the State Bank of India (SBI), according to ANI.
According to the CBI, the accused allegedly entered into a criminal conspiracy to obtain credit facilities, including working capital, term loans and letters of credit, from SBI and a consortium of nine banks.
The case relates to alleged financial irregularities involving the credit facilities extended to Future Retail. The CBI has booked the company, its promoters and other accused in connection with the alleged fraud.
The investigation will examine the circumstances under which the credit facilities were obtained and the alleged diversion or misuse of funds, if established.