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Amazon claims $1.5 billion diverted from Future Retail, struggle with Reliance continues.

Future Retail's spokesperson said in an email that the transactions were part of the company's public disclosures as part of routine governance standards, and that “there is nothing new that is being brought to the notice, except for false speculations being created out of selective excerpts.” Inc. fired a fresh salvo at India’s richest man claiming that funds from the local firm were possibly transferred to other enterprises.

Future Retail Ltd. paid Rs 70 billion ($939 million) to a company owned by its founder Kishore Biyani as a capital advance and as payment for products and services purchased from the connected firm in the fiscal year ending March 2020, according to a letter obtained by Bloomberg News. Even as revenue slowed and locations were shuttered, Future Retail established unique rental security deposits and paid loans to suppliers worth a total of Rs 43 billion in the same year, Amazon said.

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