Fugitive entrepreneurs Nitin and Chetan Sandesara have deposited Rs. 5,100 crore with the Supreme Court registry, meeting the Apex Court’s key requirement for dropping the criminal proceedings pending against them.
According to their spokesperson, this payment satisfies the deadline set by the court and significantly boosts the total recovery linked to the brothers’ alleged loan defaults to Rs. 9,799 crore—far exceeding the Rs. 5,383 crore originally cited in the 2017 CBI case.
The Sandesara brothers, whose business empire once stretched across pharmaceuticals, oil, gas and other sectors, left India in 2017 using Albanian passports. They were later named among the 14 fugitive economic offenders under the Fugitive Economic Offenders Act, 2018. The Supreme Court had mandated that the Rs. 5,100-crore balance be deposited by December 17. The family complied on December 6, following the court’s November 19 directive issued after consultations with banks and investigative agencies, according to newspaper reports.
In a statement, the family said the payment “comprehensively brings closure to all cases regarding the Sandesara family and their companies pending before multiple judicial forums and government agencies since 2017.”
The financial trail in the case is long and complex. The initial CBI FIR in 2017 put the alleged fraud at Rs. 5,383 crore. By 2020, lenders proposed a one-time settlement (OTS) of Rs. 6,761 crore, covering dues of both Indian entities (Rs. 3,826 crore) and foreign guarantors (Rs. 2,935 crore). The family made an upfront payment of Rs. 614 crore, later adding Rs. 3,507 crore between 2021 and early 2025. Separately, a bankruptcy court realised Rs. 1,192 crore through liquidation of assets. With the Supreme Court-mandated deposit now completed, total recoveries stand at nearly twice the amount flagged in the original FIR.
What was the case against the Sandesara Brothers?
The allegations against the Sandesara brothers stemmed from a large-scale bank fraud linked to their flagship group, Sterling Biotech and related entities. Investigators accused them of orchestrating a scheme involving inflated turnover, fictitious transactions, and shell companies to secure and misuse bank loans.
According to the CBI and Enforcement Directorate, the group allegedly diverted funds borrowed from a consortium of lenders, leading to massive non-performing assets. These accusations triggered multiple cases for money laundering, criminal conspiracy, and cheating, eventually prompting the issuance of non-bailable warrants and their designation as fugitive economic offenders after they left India in 2017.
Also Read: SC Grants Sandesara Group Major Relief, Sets Rs 5,100 Cr Settlement Deadline https://www.vibesofindia.com/sc-grants-sandesara-group-major-relief-sets-rs-5100-cr-settlement-deadline/
