Supreme Court Clears $570 Million Settlement Offer by Fugitive Brothers Nitin and Chetan Sandesara
India’s Supreme Court has approved a proposal by billionaire brothers Nitin and Chetan Sandesara to settle criminal charges by paying $570 million, roughly one-third of the $1.6 billion they allegedly owe to Indian banks. The court order, published on Friday, stated that the settlement must be paid by December 17, and that criminal proceedings could be quashed upon compliance. According to the order, the brothers’ lawyer Mukul Rohatgi said they were willing to settle the case to “get rid of all proceedings.”
The Sandesara brothers, whose businesses ranged from pharmaceuticals to energy, fled India in 2017 using Albanian passports after being accused of defaulting on large corporate loans. They are among 14 designated fugitive economic offenders under the 2018 law, which enables authorities to seize assets in India and abroad. Others on the list include Vijay Mallya and Nirav Modi, both also accused of major bank fraud but who deny wrongdoing. The brothers own Sterling Oil Exploration and Energy Production in Nigeria, which contributes about 2.5% of the country’s federal revenue.
Legal experts say the ruling could set a precedent for similar settlements by high-profile economic offenders, raising concerns for lenders seeking full recovery of dues. Supreme Court lawyer Debopriyo Moulik said the move echoes international practices where fines can replace criminal trials and may encourage more accused individuals to negotiate financial settlements instead of facing prosecution.
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