Mehul Choksi Arrested in Belgium Amid $1.8 Billion Bank Fraud Case
Mehul Choksi, an Indian billionaire jeweller, has been arrested in Belgium on India’s request for his extradition, following allegations of defrauding Punjab National Bank of $1.8 billion. His lawyer plans to appeal the extradition, citing health issues and potential bias in the Indian trial. Choksi’s arrest has been linked to previous warrants issued by Indian courts.
Mehul Choksi, the Indian billionaire jeweller, has been arrested in Belgium as a result of India’s extradition request. Choksi, who left India in 2018, was taken into custody on Saturday, according to his lawyer Vijay Aggarwal. He is wanted for allegedly defrauding Punjab National Bank of approximately $1.8 billion (£1.3 billion).
Choksi has not publicly commented on the allegations, but his lawyer indicated they plan to contest the extradition, arguing that he poses no flight risk and is extremely ill, undergoing treatment for cancer. They also claim the extradition is politically motivated and that there is insufficient evidence for the case against him.
His arrest was reportedly based on two non-bailable warrants issued by an Indian court in 2018 and 2021, although the timing of his arrest remains unclear. Choksi, along with his nephew Nirav Modi, is implicated in the fraudulent activities at PNB. Modi is currently incarcerated in London awaiting his extradition to India.
Both individuals were prominent diamond traders, with Modi’s jewellery previously worn by stars like Naomi Watts and Kate Winslet. It is alleged that Choksi and Modi colluded with PNB employees to secure fraudulent advances for overseas jewel suppliers, with the funds misappropriated for personal use. Both deny these accusations.
Following his departure from India, Choksi is believed to have traveled to the US before obtaining citizenship in Antigua. He was briefly detained in Dominica in 2021 but was quickly deported back to Antigua. Entrepreneur Hariprasad SV, who reported the PNB scam in 2016, welcomed news of Choksi’s arrest, emphasizing the importance of recovering the stolen funds.
The arrest of Mehul Choksi in Belgium marks a significant development in the ongoing fraud case involving Punjab National Bank. His planned appeal against extradition highlights issues of political motivation and health concerns, while the allegations of collusion with bank employees demonstrate severe breaches in financial governance. The case continues to attract attention due to the high-profile nature of those involved and the substantial financial losses reported.
Original Source: www.bbc.com
