Mehul Choksi Arrested in Belgium: India’s ₹13,000 Crore Bank Fraud Accused Caught

Fugitive businessman Mehul Choksi, a key figure in India’s biggest banking fraud, has been arrested in Belgium. The diamond merchant, accused of defrauding Punjab National Bank (PNB) of over ₹13,000 crore, was nabbed after years of evading authorities across multiple countries.

Who Is Mehul Choksi?

Born in Mumbai in 1959 and educated in Gujarat, Mehul Choksi once ran the sprawling Gitanjali Group, a leading jewellery brand in India. He enjoyed a lavish lifestyle and global business success—until 2018, when a massive banking fraud involving fraudulent Letters of Undertaking (LoUs) from PNB surfaced.

Choksi, along with his nephew Nirav Modi, is accused of siphoning funds from Indian banks by forging documents and colluding with corrupt bank officials.

Timeline of Flight and Arrest

• 2018: Choksi fled India just days before the scam became public, acquiring Antiguan citizenship under the nation’s investment program.

• 2021: Arrested in the Dominican Republic for illegal entry, but extradition failed after intervention by the British Queen’s Privy Council.

• 2023: He moved to Belgium, reportedly for cancer treatment, using falsified documents to obtain residency.

• April 2025: Arrested by Belgian police in Antwerp, reviving hopes for extradition to India.

Legal Hurdles Ahead

Although his arrest is a breakthrough, extraditing Mehul Choksi remains a legal challenge. His legal team is expected to contest the move, citing poor health and past allegations of human rights violations.

India’s Enforcement Directorate (ED) and Central Bureau of Investigation (CBI) continue to push for his return, particularly to label him a Fugitive Economic Offender (FEO) under the PMLA Act—a designation that would allow for confiscation of his assets.

Also Read: Shine City Scam: STF Arrests India Business Head Brijmohan Singh in ₹75 Crore Investment Fraud

More Scams Beyond PNB

Choksi isn’t just facing charges related to the ₹13,000 crore PNB fraud. In 2022, the CBI filed three additional cases against him for defrauding banks like ICICI Bank and Punjab National Bank of another ₹6,746 crore.

Current Status

Mehul Choksi was reportedly living in Antwerp with his wife, Preeti Choksi, and was considering shifting to Switzerland for cancer treatment. Indian authorities are now working with Belgian officials to bring him back to face justice.