Fugitive diamond merchant Mehul Choksi, a key accused in the ₹14,000 crore Punjab National Bank (PNB) fraud case, has been arrested in Belgium. The arrest, executed on April 12, 2025, by Belgian authorities, follows a formal extradition request from Indian agencies, including the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED).
Choksi, 65, had been residing in Antwerp, Belgium, reportedly for medical treatment, after acquiring Antiguan citizenship in 2017. He fled India in early 2018, just before the PNB scam came to light. The scam involved fraudulent issuance of Letters of Undertaking (LoUs) and Foreign Letters of Credit (FLCs) by PNB officials, facilitating Choksi and his nephew Nirav Modi to secure overseas credit without proper collateral.
In 2021, Choksi was detained in Dominica under controversial circumstances, with allegations of abduction from Antigua. However, he was deported back to Antigua after legal proceedings. Subsequently, he traveled to Belgium, where he was arrested while reportedly planning to move to Switzerland for further medical treatment.
Choksi’s legal team is preparing to challenge the extradition, citing his medical condition, including treatment for blood cancer, and potential political motivations behind the charges. His lawyer, Vijay Aggarwal, stated that Choksi is “not a flight risk” and is “extremely sick,” emphasizing the need for appropriate medical care.
Indian authorities remain optimistic about the extradition process, viewing Choksi’s arrest as a significant development in holding those responsible for the PNB scam accountable. The case has been a high-profile example of financial fraud in India, with efforts ongoing to bring all accused to justice.
