SC Allows Sandesara Brothers To Settle $1.6-Billion Fraud Case – Will Other Fugitives Follow?

The Supreme Court has agreed to drop criminal proceedings against Sterling Biotech promoters Nitin and Chetan Sandesara if they pay $570 million, one-third of the $1.6-billion dues, by December 17. The brothers, accused of defaulting on loans from multiple banks, fled India in 2017 on Albanian passports. They currently run Sterling Oil Exploration and Energy in Nigeria, contributing around 2.5% of the country’s revenue. Experts say the ruling could serve as a template for future settlements by fugitive economic offenders. The court’s order marks a significant development in high-profile corporate fraud cases in India.