New Delhi – Mehul Choksi, the fugitive diamond trader accused in the massive Punjab National Bank (PNB) loan fraud, has been arrested in Belgium, according to his lawyer Vijay Aggarwal.
The 65-year-old, wanted for allegedly defrauding the bank of over Rs 13,500 crore, was detained on Saturday and is currently lodged in a Belgian prison. His legal team has confirmed they will challenge both his arrest and India’s extradition request, citing his severe health issues, including ongoing cancer treatment.
Choksi, along with his nephew Nirav Modi—currently fighting extradition from the UK—fled India in January 2018, just weeks before the PNB scam came to light. The duo is under investigation by both the CBI and the Enforcement Directorate (ED) for allegedly manipulating letters of undertaking (LoUs) and foreign letters of credit (FLCs) via bribed officials at the Brady House branch of PNB in Mumbai.
Choksi had been residing in Antwerp, reportedly on the basis of a Belgian residency card obtained through his wife Preeti Choksi, a Belgian national. According to sources, he had left Antigua and Barbuda, where he had acquired citizenship, for medical treatment and was allegedly planning to relocate to Switzerland.
This arrest follows Belgium’s prior confirmation in March that they were aware of his presence and were “closely monitoring the case.”
Back in 2021, Choksi had mysteriously gone missing from Antigua and was later found in Dominica, sparking a diplomatic standoff.
In December 2024, Finance Minister Nirmala Sitharaman informed Parliament that assets worth Rs 2,565.90 crore linked to Choksi and others had been recovered or liquidated to offset dues.
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