The Sterling Biotech case, one of India’s most significant bank frauds, has neared its conclusion with the Supreme Court’s conditional quashing of criminal cases against the fugitive Sandesara brothers. The complex saga, intertwining a massive financial scam with a protracted insolvency process, spans nearly a decade. Here is a detailed timeline of key events.
The Unraveling: Exposure of the Fraud (Pre-2018)
- Circa 1990s-2017: Sterling Biotech Ltd., a listed pharmaceutical company promoted by Nitin Sandesara, Chetan Sandesara, and Dipesh Patel, operates multiple facilities. Investigations later allege that the promoters orchestrated a complex web of transactions through hundreds of shell companies to siphon off…