HC quashes Bank of India's 'fraud' tag on Kishore, Rakesh Biyani

The Bombay High Court quashed Bank of India's (BOI) decision to classify the accounts of Kishore Biyani and Rakesh Biyani, promoters of Future Lifestyle Fashions (FLFL), as "fraud". The court held that the bank failed to provide reasons for its decision as required under RBI's 2024 Fraud Master Directions. The Biyanis had challenged BOI's classification order dated June 21, 2025.