- The Supreme Court agreed to quash charges against Nitin and Chetan Sandesara
- The brothers must pay a one-time settlement of Rs 51 billion by Dec. 17
- Charges involved alleged bank fraud totaling $1.7 billion, which they deny
India's Supreme Court has agreed to quash all criminal charges against Nitin and Chetan Sandesara, brothers who built one of Nigeria's leading oil companies, after agreeing to a one-time settlement of 51 billion rupees ($572 million) in a bank fraud case.
The court set a deadline of Dec. 17 for the siblings, declared as fugitives by their home country, to deposit the amount, it said in an order passed last week. The deposited amount will be disbursed to lenders proportionately based on the amount due to them.
The tycoons were facing criminal prosecution in India on allegations of defrauding public banks to the tune of $1.7 billion, a charge the duo has consistently denied while claiming political persecution. The brothers fled India in 2017 and Nigeria has, in the past, refused India's request to extradite them.
Following the settlement βthe continuation of the criminal proceedings would not serve any useful purpose,β the top court said in its order. βThese directions as issued are in peculiar facts of this case, therefore, they shall not be treated as precedent.β
The brothers have built the largest independent oil company in Nigeria. The settlement may free the Sandesaras to play a bigger role in the hydrocarbons sector of Africa's biggest crude-producing nation.
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