Supreme Court Quashes Criminal Proceedings Against Sandesara Brothers After ₹5,111 Crore Deposit
Background of the Sterling Biotech Bank Fraud Case The Supreme Court of India has finally quashed all criminal proceedings against fugitive businessmen Chetan Jayantilal Sandesara and Nitin Jayantilal Sandesara , promoters of Sterling Biotech Ltd , after they deposited an additional ₹5,111 crore with the Registry of the Supreme Court. The litigation arose from allegations of a massive bank fraud involving public sector banks, with the Central Bureau of Investigation (CBI) registering FIRs in October 2017 . The alleged fraud, committed between 2004 and 2012 , was initially quantified at ₹5,383 crore , though subsequent assessments placed the total exposure significantly higher. Supreme Court’s Final Order and Compliance with Conditions A Bench comprising Justice J.K. Maheshwari and Justice Vijay Bishnoi noted that the Sandesara brothers had fully complied with the conditions imposed in the Court’s November 19 order , which required them to deposit an additional ₹5,100 crore as part o...