Big Relief for Sandesara Brothers: Court Clears Way for Return to India After Rs 5,111 Crore Settlement

A Delhi court on Tuesday quashed all criminal proceedings pending against Sandesaras promoters of Sterling Biotech Company. In 2017, law enforcing agencies accused then of defrauding public sector banks

of around Rs 5,000 crores. The anti money laundering probe agency had said total proceeds of crime is around Rs 14.000 crores. Times Now has accessed the court order which has allowed Sandesara brothers to return India. "As noted above order dated 19th November has been complied with by the petitioners and therefore Hon’ble Apex Court quashed the proceedings. As a consequence thereof, present proceeding has been closed on account of quashing by Hon’ble Apex Court. Bail bonds and surety bonds furnished by all the accused persons stands discharged. File be consigned to record room," said Special Judge Shailender Malik in his order. In August 2017, the Central Bureau of Investigation had filed two cases against promoters of Sterling Biotech. Enforcement Directorate money laundering case stems from these two FIRs. A politically sensitive case which led to ED questioning senior Congress leader late Ahmed Patel. BJP accused Congress of protecting and giving patronage to Sandesaras during UPA rule. Congress, however, accused BJP of helping brothers to flee the country. A Delhi court also declared Nitin and Chetan Sandesaras as Fugitive Economic Offenders which led to their assets including oil rigs being attached in Nigeria. In March 2022, Enforcement Directorate told the media that it has provisionally attached assets worth Rs 14,543 crores and total proceeds of crime stands at Rs 14,690 crores.Sandesara brothers fled India. Federal probe agencies suspected they first went to Nigeria but we're later spotted Albania. Despite India's repeated extradition request proceedings were never started.In November, the Supreme Court quashed all proceedings against Sandesara after Centre agreed to One Time Settlement of Rs 5111 crores ($ 570 million) to lender banks. The Centre had agreed to this proposal and the Apex Court had said this order will not be used as precedence.In Winter Session Parliament was informed that despite Vijay Mallya's claims that he had paid Rs 14000 crores., the goverment says he owes Rs 22065 crores. Nirav Modi owes Rs 9065 crores and the government has recovered Rs 545 crores. Fugitive Economic Offenders in total owe around Rs 58000 crores.This figure includes both principal and interest.By seizure of assets and liquidation Government has recovered Rs 19187 crores.After today's Court order total number of Fugitive Economic Offender will be 51.