Fugitive diamond merchant Mehul Choksi, a key accused in the Rs 14,000-crore Punjab National Bank (PNB) fraud case, has been arrested in Belgium following a request from Indian authorities for his extradition. The Central Bureau of Investigation (CBI) confirmed the arrest, citing two non-bailable warrants issued by a Mumbai court in 2018 and 2021. Choksi was reportedly planning to move to Switzerland for medical treatment at a cancer facility, prompting swift action by Indian officials. Currently held in jail, the 65-year-old is expected to apply for bail on health grounds.
Choksi, along with his nephew Nirav Modi—who is awaiting extradition from the UK—is wanted by the CBI and the Enforcement Directorate (ED) for allegedly defrauding PNB’s Brady House branch in Mumbai. The scam involved the misuse of Letters of Undertaking (LoUs) and foreign letters of credit, reportedly obtained by bribing bank officials. Both Choksi and Modi fled India in January 2018, shortly before the scandal came to light.
Authorities in Belgium had recently confirmed Choksi’s presence in the country, where he had acquired a residency card and was living in Antwerp with his wife, a Belgian citizen. He had left Antigua and Barbuda, the country of his second citizenship, claiming medical reasons. In December 2024, Finance Minister Nirmala Sitharaman stated that assets worth Rs 22,280 crore had been recovered or sold to repay dues linked to economic offenders like Choksi.
Post Your Comments