Who Is Mehul Choksi, Fugitive Tycoon Arrested Amid India's Extradition Push

Fugitive diamond merchant Mehul Choksi, one of the prime accused in the Rs 13,500-crore Punjab National Bank (PNB) fraud case, has been arrested in Belgium, his lawyer has confirmed.

The arrest follows a request linked to the ongoing investigation into the Rs 13,500-crore loan fraud involving Choksi and his nephew Nirav Modi. The 65-year-old was taken into custody on Saturday, April 12 after Belgian authorities confirmed his presence in the country.

Both the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) have filed multiple charge sheets against him, with investigations still underway.

Who is Mehul Choksi?

  1. Mehul Choksi was born on May 5, 1959, in Mumbai. In 1985, at the age of 26. Choksi took over the family-run business and expanded it. He became the chairman of the Gitanjali Group, a jewellery retailer with over 4,000 stores across India, before fleeing the country in 2018.
  2. In 2018, when the PNB scam came to light, Choksi was one of the main accused in the case. His nephew Nirav Modi, their family members, employees and bank officials were also charged by the CBI and ED for their involvement in the alleged loan fraud at the bank's Brady House branch in Mumbai.
  3. Choksi was charged with defrauding PNB with the help of bank officials, bypassing the required processes and inflating Foreign Letters of Credit (FLCs) and illegally obtaining Letters of Undertaking (LOUs). This resulted in massive losses for the bank.
  4. The CBI and ED filed three charge sheets against Choksi, accusing him of criminal conspiracy, money laundering, and embezzlement. Both Choksi and Nirav Modi fled India in January 2018, weeks before the PNB scam was unearthed.
  5. Choksi obtained a Belgian residency card and was living in Antwerp with his wife, Preeti Choksi. Earlier, he obtained Antigua and Barbuda citizenship under a special investment program. He intended to relocate to Switzerland after leaving the island for medical treatment. He disappeared from Antigua in 2021 but was subsequently located in Dominica. On Saturday, he was arrested by the Belgian police and is currently in jail.

India