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Belgian authorities have confirmed the arrest of Mehul Choksi, a prominent Indian diamond trader accused of orchestrating a ₹13,500 crore ($1.8 billion) fraud involving Punjab National Bank (PNB). The arrest took place in Antwerp, a major global diamond trading hub, following an extradition request from Indian authorities.
In 2018, Choksi and his nephew, Nirav Modi, were accused by PNB of defrauding the bank by using fraudulent Letters of Undertaking to secure loans for importing jewels. Both individuals fled India shortly after the allegations surfaced. Modi was arrested in the UK in 2019 and remains in custody, while Choksi had been residing in Antigua and Barbuda before being traced to Belgium.
Indian authorities, including the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED), have been pursuing Choksi since his departure from India. Reports indicate that Choksi obtained an ‘F Residency Card’ in Belgium, allegedly using fabricated documents to misrepresent his nationality and evade extradition.
The Belgian government has acknowledged Mehul Choksi presence and stated that it attaches great importance to the case, though it has refrained from commenting on individual cases.
Choksi’s legal team has expressed intentions to appeal the extradition, citing his deteriorating health, including suspected cancer, and concerns over the conditions in Indian prisons. They argue that he is not a flight risk and that the case is politically motivated.Mehul Choksi
The case has drawn international attention, highlighting issues related to financial fraud, international law enforcement cooperation, and the challenges of extraditing individuals across borders. Choksi’s arrest marks a significant development in one of India’s most high-profile financial scandals.
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