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Supreme Court Allows Sandesara Brothers to Settle $1.6 Billion Fraud Case by Repaying One-Third
Bank Fraud: The Supreme Court has issued a major ruling regarding industrialists Nitin and Chetan Sandesara in the $1.6 billion bank fraud case. The brothers fled India in 2017 on Albanian passports after being accused of defaulting on loans taken from domestic banks.
The Supreme Court has agreed to withdraw criminal charges against industrialists Nitin and Chetan Sandesara in the $1.6 billion bank fraud case, provided they repay one-third of the outstanding amount. This move could encourage other accused to seek settlement.
The brothers fled India in 2017 on Albanian passports after being accused of defaulting on loans taken from domestic banks. Their businesses-from pharmaceuticals to energy-are accused of serious irregularities, though they have consistently denied the allegations.
The lawyers of the brothers, Mukul Rohatgi, told the court that they were ready for a settlement of $570 million, in tune with the court order. The Supreme Court has set a deadline of December 17th for this. Rohatgi asked the court to conclude all the proceedings.
