Future Retail ran several retail chains and store formats. (File Photo)
\n\nThe 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.
\n\nThe CBI has also booked his brother Rakesh Biyani in the case registered under offenses of criminal conspiracy for cheating and also for offenses under the Prevention of Corruption Act, they said.
\n\n"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. 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.
\n\nNo immediate reaction was available from the company.
\n\nThe CBI has alleged that according to a complaint filed by SBI, the accused persons entered into a criminal conspiracy to obtain credit…
Original source: https://www.timesnownews.com/business-economy
