In a courtroom that has seen its share of financial labyrinths, the long-running Sandesara–Sterling loan scandal took a sharply unexpected turn. Two key accused—Hemant S. Hathi and Chetan Jayantilal—walked out from under a mountain of criminal and civil cases after agreeing to funnel an eye-watering ₹5,100 crore back to the banks waiting at the other end of the tunnel.
The Supreme Court made it clear this wasn’t a template for future litigants hoping to swap penalties for cheques. This was a “peculiar” crossroads, the judges said—one where public money had been scattered across continents, investigations had sprawled across multiple agencies, and the only practical way to restore the missing wealth was to take the offer placed on the table.
From the beginning, the Bench signaled its stance: if the accused were willing to honour their one-time settlement and restore the lost funds, dragging the criminal process further would simply circle the drain. After years of probes by CBI, ED, SFIO and tax authorities into allegations ranging from cheating to forged documents to foreign asset trails, the Court now pivoted its focus to recovering every rupee possible.
The case, tied to the sprawling Sterling Group once run by fugitive brothers Nitin and Chetan Sandesara, had grown into a web of FIRs, charge sheets, ECIRs, attachment orders, money-laundering allegations, and proceedings under multiple financial statutes. Yet, a parallel narrative had also emerged—one of negotiations, settlements, and steady repayments.
By early 2020, the Court had been informed that several companies of the group had struck one-time settlement deals with banks, prompting interim protection. Over the next few years, the petitioners periodically reported payments: millions of dollars wired abroad, crores deposited domestically, and commitments made for even larger transfers.
In November 2025, the Court placed the math front and centre. Against an alleged fraud amount of ₹5,383 crore, the total settlement amount—across Indian firms and foreign guarantors—rose to an astonishing ₹6,761 crore. After accounting for deposits made and recoveries through insolvency proceedings, roughly ₹2,061 crore remained outstanding.
As the numbers crystallised, the Solicitor General entered the scene with a sealed-cover note—₹5,100 crore to shut the book entirely. The petitioners agreed. The Court agreed. And with that consensus, the criminal machinery that had been grinding for years was finally halted.
The direction is straightforward: once the ₹5,100 crore lands with the Supreme Court Registry—before December 17, and even in instalments if needed—every pending proceeding tied to these petitioners stands erased. The funds will rest in short-term fixed deposits until the Registrar matches bank dues to bank entitlements and begins disbursing.
A long trail of allegations. A longer trail of money. And now, a rare judicial closure powered not by punishment, but by the return of public wealth to where it was meant to be.
