Archive · 29 Nov 2025
SC Closes Sterling Group Bank Fraud Case
The Supreme Court of India has closed all cases against the Sandesara brothers, who are the promoters of the Sterling Group.
This group was involved in one of India's biggest bank frauds.
The brothers promised to pay back Rs 5,100 crore by December 17, 2025.
If they do this, all legal cases against them will be dropped.
The brothers are currently in Nigeria.
The court said this settlement is only for this specific case and does not set a general rule for other similar cases.
The Supreme Court closed all civil and criminal cases against Nitin and Chetan Sandesara, promoters of the Sterling Group, contingent on a Rs 5,100 crore deposit.
The Sterling Group, initially a pharmaceutical company, expanded into energy projects and faced allegations of loan diversion in the mid-2010s.
The promoters left India on Albanian passports, triggering multiple legal proceedings, including those under the PMLA, FEOA, and Companies Act.
The Supreme Court's order, grounded in Article 142 of the Constitution, aims to recover public money and noted that continuing proceedings would not serve further public purpose.
The Rs 5,100 crore must be deposited by December 17, 2025, and will be disbursed proportionately among lender banks after verified claims are filed.
- Who
- Nitin and Chetan Sandesara, promoters of the Sterling Group
- What
- Supreme Court closed civil and criminal cases against the Sandesara brothers
- When
- November 19, 2023
- Where
- India
- Why
- To settle the bank fraud case with a deposit of Rs 5,100 crore
- Total Lender Exposure
- Rs 15,000 crore
- Settlement Amount
- Rs 5,100 crore
- Deposit Deadline
- 17 December 2025
- Promoters' Current Location
- Nigeria
- Key Legal Framework
- PMLA, FEOA, Companies Act, 2013
- Supreme Court Bench
- Justices J K Maheshwari and Vijay Bishnoi
- Article Cited
- Article 142 of the Constitution