On April 14, 2025, Belgian authorities detained fugitive Indian jeweler Mehul Choksi in Antwerp, following India’s extradition request, as reported by PTI. Choksi, a key accused in the ₹13,000 crore ($2 billion) Punjab National Bank (PNB) loan fraud case, was apprehended on Saturday. The action comes after Indian agencies, including the Enforcement Directorate (ED) and Central Bureau of Investigation (CBI), pursued extradition following the cancellation of an Interpol Red Notice against him.
Choksi, his nephew Nirav Modi, and others allegedly defrauded PNB’s Mumbai Brady House branch by fraudulently securing Letters of Undertaking (LOUs) and Foreign Letters of Credit (FLCs), causing massive financial losses. The ED and CBI have filed multiple charge sheets against Choksi, with ongoing investigations into his firm, Gitanjali Gems, to ensure accountability for the scam.
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Background of the Case:
Mehul Choksi, a prominent Indian diamond merchant and owner of Gitanjali Gems, is one of the central figures in the Punjab National Bank fraud, uncovered in 2018. The scam involved the issuance of unauthorized LOUs and FLCs worth over ₹13,000 crore, facilitated by colluding bank officials at PNB’s Brady House branch in Mumbai. Choksi, along with Nirav Modi, allegedly orchestrated the fraud, defaulting on repayments and causing significant losses to the state-owned bank.
Big Breaking : Fugitive Businessman Mehul Choksi arrested in Belgium on India’s request for extradition. Another Medal in #ModiSarkar’s Bag . 🙌🙌🙌🙌🙌🙌🙌🙌🙌🙌🙌 pic.twitter.com/fubzYAWnxg
— Stay@happy 🇮🇳 (Modi Ka Parivar) (@RushRStay) April 14, 2025
After the scam surfaced, Choksi fled India in January 2018, initially to Antigua and Barbuda, where he obtained citizenship. Indian authorities issued arrest warrants, and a non-bailable warrant was issued by a special court. The CBI and ED launched parallel investigations, filing charge sheets accusing Choksi of money laundering, criminal conspiracy, and cheating. An Interpol Red Notice was initially issued but was later withdrawn in 2022, complicating extradition efforts.
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In May 2021, Choksi was briefly detained in Dominica after illegally entering from Antigua but was released on bail. He reportedly relocated to Belgium, a global diamond trading hub, where he was living in Antwerp until his recent detention. The PNB scam remains one of India’s largest banking frauds, prompting reforms in banking oversight and intensifying efforts to repatriate fugitives like Choksi and Modi for trial.
