Sandesara Brothers: Who Are The Fugitive Tycoons As SC Clears Settlement Path in $1.6 Billion Fraud Case?

Billionaire brothers Nitin and Chetan Sandesara, accused of perpetrating one of India’s biggest economic frauds, received a significant reprieve on Monday after the Supreme Court said it would drop criminal proceedings if they paid one-third of their dues in a $1.6-billion bank fraud case.

The verdict, published on the court’s website and reported by Reuters, quotes their lawyer Mukul Rohatgi saying the duo was ready to pay $570 million, with a deadline set for December 17.

Rohatgi told the court his clients were ready to settle “to get rid of all proceedings,” requesting all charges be quashed.

The development could pave the way for other fugitive economic offenders to pursue similar settlements, legal experts warn.
Supreme Court lawyer Debopriyo Moulik said: “This is very similar to the approach adopted in foreign countries where fines are an alternative to facing trial.”
 

Who Are the Sandesara Brothers? 
The Sandesara brothers, whose businesses once spanned pharmaceuticals, oil, construction and engineering, fled India in 2017 using Albanian passports, according to court filings. They have consistently denied wrongdoing, calling the case politically motivated.

They are among 14 designated fugitive economic offenders under India’s 2018 law, which allows the government to seize domestic and overseas assets. Others on the list include Vijay Mallya and Nirav Modi.

India’s investigative agencies allege the Sandesaras “duped public-sector banks” of around $140 billion (₹1.71 billion) using forged documents, inflated valuations, and illicit fund transfers.

Nigeria: A Safe Haven for the Fugitive Billionaires
While India labels them economic offenders, the brothers have found strong political and economic protection in Nigeria, where their oil empire is flourishing.
Nigeria refused India’s extradition request nearly six years ago, stating the allegations “appeared to be political in nature,” according to a letter published by the Organized Crime and Corruption Reporting Project (OCCRP) and accessed by Bloomberg.

Media reports also states that the Sandesaras also reportedly applied for Nigerian citizenship, according to the CBI.

Building Nigeria’s Largest Independent Oil Empire
“Success is Natural”: The Rise of Sterling Oil
Far from Indian borders, the Sandesara family runs a multi-billion-dollar oil operation with the slogan “Success is Natural.”

Their companies , Sterling Oil Exploration & Production Co. and Sterling Global Oil Resources Ltd. ,pump around 50,000 barrels of crude oil a day, according to a 2023 Bloomberg report.
Nigeria’s government said in 2019 that the Sandesara group contributed 2% of federal revenue, making them one of the country’s top oil exporters.

Bypassing Oil Theft with Floating Storage
Unlike many Nigerian oil companies crippled by pipeline vandalism, the Sandesaras use ocean logistics:
Shipping crude via barges

Transferring to a floating storage vessel in the Atlantic

This allows steady production even when other companies face shutdowns.
 

Lavish Lifestyle 
Indian agencies have documented the brothers’ extravagant lifestyle, marked by luxury parties, attendance by Bollywood celebrities, and international real estate acquisitions.
Their prominence in Nigeria continues to grow as they expand oil investments and infrastructure projects.

The Sandesaras’ Indian Conglomerate: From Tea Trading to $7 Billion Valuation
Before their flight, the brothers built one of India’s most diversified business groups.

Origins in the 1980s
What began as a tea-trading business extended to:
Oil & gas

Pharmaceuticals

Gelatin manufacturing

Construction & engineering

Healthcare

By the early 2010s, they claimed a valuation of nearly $7 billion.

CBI’s Allegations: Fabricated Documents, Diversion of Funds
The CBI alleges their rapid expansion was partly financed through a “well-calculated economic fraud,” accusing them of:
Using false and fabricated documents for loans

Diverting bank funds abroad

Illegally routing credit to overseas entities including Nigerian operations

A 2019 charge sheet noted that the same state-owned lenders financed the corporate vehicle behind their Nigeria business.

Legal Troubles in the UK, India & Abroad
UK Court Orders
In 2018 and 2021, UK courts ordered Sandesara-linked companies that serviced Sterling Oil to pay nearly $60 million after defaults on loans extended by Bank of India and others.

ED Asset Seizure Attempt
In 2019, India’s Enforcement Directorate sought to seize:
A Nigerian oil field

Four drilling rigs

A Gulfstream jet

The same year, their Indian flagship Sterling Biotech Ltd was sold to Perfect Day Inc., a California-based dairy-alternative company, for $78 million under bankruptcy resolution.
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Why the Supreme Court Verdict Matters Now
The Supreme Court’s decision to consider dropping charges in exchange for a $570-million settlement marks a turning point in India’s battle against fugitives.

(With Inputs From Various Media Reports