NEW DELHI – India’s Supreme Court has agreed to drop criminal charges against billionaire brothers Nitin and Chetan Sandesara if they pay a third of their dues in a $1.6-billion bank fraud case. The settlement, amounting to $570 million, could set a precedent for other economic offenders seeking similar resolutions.
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The Sandesaras, whose businesses span pharmaceuticals, energy, and oil, fled India in 2017 using Albanian passports after being accused of defaulting on domestic bank loans. They have consistently denied any wrongdoing. Their lawyer, Mukul Rohatgi, informed the court that the brothers were willing to pay the settlement “to get rid of all proceedings,” with a deadline set for December 17.
India’s top court agrees to $570 million settlement by fugitive billionaire brothers.
It agreed to drop criminal charges against Nitin& Chetan Sandesara if they pay a third of their dues in a $1.6-billion bank fraud.
Wow!New law for them the wealthy frauds https://t.co/SP8KRvSE5P— Prashant Bhushan (@pbhushan1) November 24, 2025
The brothers are among 14 designated fugitive economic offenders under India’s 2018 law, which allows authorities to freeze assets of individuals accused of financial crimes. Notable names in the list include Kingfisher Airlines founder Vijay Mallya and diamond magnate Nirav Modi, both of whom also deny allegations of bank fraud.
Unbelievable. These guys have loads of oil money and thriving in Nigeria. Yet India’s top court agrees to $570 million settlement by Sandasera family? Why is @TheVijayMallya treated differently ? They will pay only 1/3rd? Profitable to default in india- so long as you have money…
— Sucheta Dalal (@suchetadalal) November 24, 2025
The Sandesaras own Nigeria-based Sterling Oil Exploration and Energy Production, a company contributing roughly 2.5% to Nigeria’s federal revenue. India’s federal crime-fighting agency accused the brothers of duping banks to the tune of $1.6 billion, though the duo maintains their innocence.
Supreme Court allows Sandesara brothers to settle $1.6-billion fraud casehttps://t.co/avzenzXjsv
— Economic Times (@EconomicTimes) November 24, 2025
Legal experts suggest the Supreme Court’s ruling could influence other economic offenders to pursue settlements rather than face lengthy trials. Debopriyo Moulik, an independent Supreme Court lawyer, noted that this approach mirrors practices in other countries where fines are used as alternatives to prosecution, although lenders may face challenges recovering the full amount owed.
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The decision marks a significant step in India’s handling of high-profile financial crimes, balancing the recovery of dues with the practicalities of legal enforcement. With the December 17 deadline approaching, all eyes will be on whether the Sandesaras finalize the settlement and how it may impact the broader landscape of economic fraud cases in India.