For the past three years, Amazon has urged Reserve Bank of India (RBI) to conduct a forensic audit of Future Retail Ltd (FRL) for allegedly committing fraud by allowing Reliance Industries Ltd (RIL) to take over around 800 of its stores.
Amazon claimed that FRL's lenders and promoters, along with RIL, implemented a "stratagem" to transfer 835 of its retail stores to Reliance Retail. It happened despite a Singapore International Arbitration Centre (SIAC) injunction prohibiting the alienation of FRL's assets. Amazon says it is the RBI's responsibility to conduct an extensive investigation into the fraud committed by FRL, its promoters, directors, and Key Management Personnel. The behaviour and attitude of lender banks raises serious concerns about the banking system's accountability, transparency, and fairness regime.