New Delhi: The Supreme Court has given its verdict on India’s ‘biggest bank fraud’. On Monday, the Supreme Court gave a big verdict against industrialist brothers Nitin and Chetan Sandesara (Sandesara Brothers), who committed the biggest bank fraud.
Giving one more chance to both brothers, the country’s top court has ordered them to pay one-third of the outstanding amount in the $1.6 billion bank fraud case. If the two billionaire brothers do not pay one-third of the outstanding amount, the criminal charges against them will not be dropped and then further action will be taken.
Although the Supreme Court stated that this order should not be treated as a precedent, it has opened the way for fraudsters in other cases to seek relief by pleading under this order.
In accordance with the court order, the brothers’ lawyer, Mukul Rohatgi, stated that they were prepared for a $570 million settlement. The Supreme Court set a deadline of December 17th for this. Rohatgi requested the court to end all proceedings. It is reported that the brothers have already spoken to the plaintiff in the case through their lawyer about a settlement. The court subsequently accepted this suggestion and set a deadline of December 17th.
The brothers fled India in 2017 on Albanian passports after being accused of defaulting on loans taken from Relu banks. They are listed among 14 fugitive economic offenders under a 2018 law that allows for the seizure of assets. This list also includes Kingfisher Airlines founder Vijay Mallya and diamond merchant Nirav Modi, who deny bank fraud charges. Both brothers have consistently denied the allegations.
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