Mehul Choksi, a prominent diamond dealer with ties to a significant fraud case in India, has been arrested in Antwerp, Belgium, as confirmed by his legal representative. The arrest, which took place over the weekend, is in connection to accusations of attempting to defraud the Punjab National Bank of nearly $1.8 billion—a scandal that emerged publicly in 2018 and sent shockwaves through the Indian banking sector.
Choksi, now 65 years old, fled India shortly before the allegations became public, eventually residing in various Caribbean nations and later Belgium. The Belgian public prosecutor’s office indicated that the arrest was part of formal proceedings initiated at the request of India’s Central Bureau of Investigation (CBI), which is keen on obtaining Choksi’s extradition.
Specific circumstances surrounding his arrest remain unclear, but Choksi's lawyer, Vijay Aggarwal, contends that his client suffers from severe health issues, including cancer, and poses no flight risk. Following his detention, Aggarwal stated intentions to seek Choksi's immediate release, citing his precarious medical condition as a primary concern.
This high-profile case also involves Choksi’s nephew, Nirav Modi, a once-celebrated jeweler who was apprehended in London in 2019 for related fraud accusations. Modi, similarly fleeing India shortly before legal troubles arose, has contested extradition efforts but remains incarcerated in the UK.
The unfolding saga around Choksi and Modi has intensified scrutiny over India’s state-managed banking institutions, fueling public interest as efforts to bring them to justice continue. The developments have captured the attention of many, reflecting broader societal issues around the influence of wealth and connections in the realm of finance.
Report contributions were also made by Jeanna Smialek in Brussels and Mike Ives in Seoul, enhancing the coverage of this significant arrest.
