Mehul Choksi Arrested in Belgium; Extradition to India Imminent

Mehul Choksi, an accused in the ₹13,850 crore PNB scam, was arrested in Belgium on a request from Indian authorities. The arrest was made under two non-bailable warrants, while he was en route for cancer treatment. He may seek bail on medical grounds as he awaits extradition, alongside his nephew Nirav Modi, currently imprisoned in the UK.

Mehul Choksi, a fugitive diamond merchant and key accused in the ₹13,850 crore Punjab National Bank (PNB) scam, was arrested in Belgium on Saturday. He is currently detained following an extradition request from Indian authorities, as reported by sources in the Central Bureau of Investigation (CBI).

The arrest occurred under two non-bailable warrants issued by a Mumbai court, dated May 23, 2018, and June 15, 2021. The Economic Times disclosed that Choksi was allegedly en route to Switzerland for cancer treatment when apprehended.

Choksi expects to leverage medical reasons in an attempt to secure bail for his immediate release. Alongside his nephew Nirav Modi, who is imprisoned in the UK, they are both facing extradition proceedings in relation to this significant loan fraud case, which emerged in 2018.

Both were implicated in a massive scheme involving collusion with PNB officials to illegally acquire Letters of Undertaking (LoUs) and manipulate Foreign Letters of Credit (FLCs), leading to severe financial repercussions for the state-owned bank. They fled India prior to the exposure of the scam.

Choksi holds Antiguan citizenship and had left the Caribbean country seeking medical assistance. He briefly vanished in Antigua in 2021 before being discovered in Dominica. Recently, he has resided in Antwerp, Belgium with his wife Preeti Choksi, a Belgian national, and reportedly acquired a Belgian residency card.

The arrest of Mehul Choksi marks a significant development in the ongoing efforts to extradite key figures involved in the PNB scam. His expected plea for bail on medical grounds, combined with the context of his financial crimes, complicates the situation further. The case continues to unfold, highlighting issues of international law and financial governance.

Original Source: www.financialexpress.com