Mehul Choksi's Arrest in Belgium

Fugitive diamond merchant Mehul Choksi, a key figure in the Rs 14,000-crore Punjab National Bank (PNB) fraud case, was apprehended in Belgium following India's extradition request. This marks a significant development in one of India's most high-profile financial fraud cases.

Legal Proceedings and Extradition

Choksi’s arrest was executed based on two non-bailable warrants issued by a Mumbai court, dated May 23, 2018, and June 15, 2021. Indian authorities had been tracking his movements and requested Belgium to initiate extradition proceedings after locating him in the country.

The PNB Fraud Case

In 2018, Mehul Choksi, along with his nephew Nirav Modi and others, were implicated in a massive fraud at PNB's Brady House branch in Mumbai. The group allegedly colluded with bank officials to fraudulently obtain Letters of Undertaking (LoUs) and Foreign Letters of Credit (FLCs), leading to substantial losses for the bank.

Choksi's Attempt to Evade Justice

Sources indicate that Choksi was planning to move to Switzerland for medical treatment at a cancer hospital, a move that appears to have been an attempt to avoid extradition to India.