.jpeg)
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.
The brothers are listed as fugitive economic offenders under a 2018 law that allows for the seizure of assets. This list also includes Kingfisher Airlines founder Vijay Mallya and diamond merchant Nirav Modi, who deny bank fraud charges.
Want to get your story featured as above? click here!
Want to get your story featured as above? click here!
The Sandesara Group owns Nigeria's Sterling Oil Exploration and Energy Production, which contributes 2.5% of the country's total federal revenue. India's central investigative agency had accused the brothers of defrauding banks of $1.6 billion by organizing lavish parties. Legal expert Deboprio Maulik says the ruling could open the door for economic offenders to seek settlements, making it more difficult for banks to recover their full dues.
