Sandesara Brothers' Mega Settlement: Rs 5,100 Crore Deposited Amid Bank Fraud Scandal

Fugitive businessmen Nitin and Chetan Sandesara, facing bank fraud charges, have deposited Rs 5,100 crore with the Supreme Court, meeting the apex court's requirement to drop criminal charges. Their total recovery stands at Rs 9,799 crore, resolving numerous pending cases since 2017.

Nitin and Chetan Sandesara, business tycoons once embroiled in a massive bank fraud scandal, have deposited Rs 5,100 crore with India's Supreme Court. This payment fulfills a crucial condition set by the court for the withdrawal of criminal charges against them.

Originally alleged to have defaulted on loans amounting to Rs 5,383 crore, the brothers' financial recovery now stands at Rs 9,799 crore. Their enterprises spanned several industries, including pharmaceuticals and energy.

The Supreme Court had mandated the siblings, labeled fugitives after leaving India in 2017 with Albanian passports, to deposit the sum by December 17. This deposit effectively concludes all cases against the Sandesara family, pending in multiple judicial forums since 2017.

(With inputs from agencies.)