Mehul Choksi Arrested in Belgium Amid Extradition Efforts Over PNB Fraud Case
Mehul Choksi, accused in the ₹13,500-crore PNB fraud case, was arrested in Belgium. He fled India in 2018 amidst fraud allegations involving inflated bank transactions. Belgian authorities apprehended him after he obtained residency and resided in Antwerp. Choksi’s arrest could facilitate India’s extradition efforts.
Mehul Choksi, a fugitive diamond merchant and key suspect in the ₹13,500-crore Punjab National Bank (PNB) fraud case, was arrested in Belgium. His lawyer confirmed his custody following an extradition request related to ongoing investigations. Belgian authorities apprehended him on April 12 after confirming his location in Antwerp, where he had been residing following his flight from India in 2018.
Born on May 5, 1959, in Mumbai, Choksi ascended to prominence as chairman of the Gitanjali Group, a leading jewellery retailer in India, overseeing over 4,000 stores. His reputation plummeted in 2018 when the PNB fraud surfaced, implicating him and his nephew Nirav Modi, along with family members and bank officials in significant financial misconduct.
The charges against Choksi include criminal conspiracy, money laundering, and embezzlement. Investigators claim he exploited bank officials to inflate Foreign Letters of Credit (FLCs) and obtain Letters of Undertaking (LOUs) unlawfully, leading to substantial financial losses for PNB. Following the breakout of the scandal, both he and Modi fled India in January 2018.
Choksi had taken residence in Belgium with a Belgian residency card and his wife, Preeti Choksi. Previously, he had acquired citizenship in Antigua and Barbuda under an investment program. He sought medical treatment and intended to move to Switzerland but went missing in 2021, only to be found later in Dominica, and is now facing legal repercussions in Belgium.
Mehul Choksi’s recent arrest underscores the ongoing efforts to extradite him amid serious allegations of fraud linked to one of India’s largest banking scams. With multiple charges against him and international locations involved, the case remains complex. As investigations continue, the implications of his actions on India’s financial system become increasingly evident.
Original Source: www.ndtv.com
