Big Relief for Sandesara Brothers: Court Clears Way for Return to India After Rs 5,111 Crore Settlement
A Delhi court has allowed the Sandesara brothers, promoters of Sterling Biotech, to return to India following a Rs 5,111 crore settlement.Summary
A Delhi court has quashed all criminal proceedings against Nitin and Chetan Sandesara, promoters of Sterling Biotech, paving the way for their return to India. The decision follows a one-time settlement of Rs 5,111 crore (approximately $570 million) with lender banks, approved by the Supreme Court. Initially, the CBI filed FIRs in 2017 alleging bank fraud of Rs 5,000 crores, with the Enforcement Directorate later investigating money laundering charges totaling around Rs 14,000 crores. The Sandesara brothers had fled India and were declared Fugitive Economic Offenders, leading to the attachment of their assets, including oil rigs in Nigeria. The case became politically charged, with accusations exchanged between the BJP and Congress regarding alleged patronage. The Supreme Court’s decision to quash proceedings is not to be considered a precedent. The government has recovered Rs 19187 crores from fugitive economic offenders, with outstanding debts totaling around Rs 58000 crores.
(Source：Times Now News)