Fugitive businessman Mehul Choski was arrested in Belgium on Monday, Enforcement Directorate (ED) sources told news agency ANI. He is one of the accused in the 2 billion dollar Punjab National Bank (PNB) Scam. According to the reports, Chowksey has the option to appeal in a Belgian court under the country’s law. However, it is a lengthy process and it may take time to bring him to India. Indian authorities had previously requested Belgium to begin extradition proceedings after Choksi was located there. .
As per reports, Choksi stated that he was suffering from blood cancer and was shifted to Belgium for treatment. He has been undergoing treatment there for the past six months. Mehul Chowksi was planning to shift to Switzerland. He wanted to go there to continue his medical care. Meanwhile, the ED and CBI are trying to bring him back to India through diplomatic channels. Choksi is expected to file for bail on health grounds to avoid extradition to India.
Indian security agencies will oppose Choksi’s bail application. A message has been sent to Belgian authorities stating that India will formally seek Mehul Choksi’s extradition as soon as the papers are ready.
His arrest was made based on two non-bailable warrants issued by the Mumbai court, dated May 23, 2018, and June 15, 2021, as per media reports. In 2018, Mehul Choksi, along with his nephew Nirav Modi, their family employees, and several bank officials, were charged by ED and CBI in connection with the fraud at PNB’s Brady House branch in Mumbai.
Fugitive Mehul Choksi has been arrested in Belgium: ED Sources
— ANI (@ANI) April 14, 2025
More details awaited pic.twitter.com/SN8e0beAMu
Accusations Against Mehul Choksi’s Company Geetanjali Jewellers
Mehul Choksi’s company, Geetanjali Jewellers, which was named after his sister, entered the IPO market in 2006 and raised Rs 330 crore. Then in 2013, there came a time when SEBI suspended Mehul’s firm from trading in the stock market for six months, suspecting market manipulation. In 2008, when Katrina Kaif endorsed their diamonds, the company’s sales increased by 60% in just a year. Then in 2018, the company’s former Managing Director, Santosh Srivastava, accused Geetanjali of selling fake diamonds to its customers. In 2013, Geetanjali’s stock was trading at Rs 600, but by February 2018, it had plummeted to Rs 33.80.
He used to sell diamonds worth Rs 1 crore which were fake but their real price was only around Rs 3 lakh.
About The PNB Fraud Case
The 65-year-old fugitive diamond merchant who left India on January 2, 2018, is wanted by the CBI and the Enforcement Directorate (ED) for allegedly defrauding the PNB of Rs 13,850 crore. His nephew, Nirav Modi, was also involved with him in the fraud. He fled India, initially travelling to the United States before settling in Antigua. Before leaving India, Choksi took the citizenship of Antigua in 2017 and was later arrested in Dominica, allegedly trying to flee to Cuba, although his counsel had claimed that he had been kidnapped from Antigua. Dominica deported him back to Antigua despite India making a representation for extradition in the court.
He left Dominica, reportedly to seek treatment for Cancer in Belgium. Choksi connived with his associates and other Punjab National Bank (PNB) officials from 2014 to 2017 and fraudulently obtained Letters of Undertaking and Foreign Letters of Credit from PNB, resulting in a wrongful loss of Rs. 6097.63 crore to PNB. During the investigation, the ED conducted searches at more than 136 locations all over India and seized valuables/jewellery worth Rs. 597.75 crore pertaining to the Gitanjali Group of Mehul Choksi.
Further, immovable/movable assets worth Rs 1968.15 crore of Mehul Choksi and Gitanjali Group were attached, including immovable properties in India and overseas, vehicles, bank accounts, a factory, shares of listed companies, and jewellery. In aggregate, assets worth Rs. 2565.90 Crore were attached or seized in this case, and three Prosecution Complaints have been filed. Two weeks back, fugitive businessman Mehul Choksi and his wife, Preeti Choksi, obtained an F Residency Card in Belgium. Preeti, a Belgian citizen, has family ties in the country, as does Choksi’s extended family. In 2024, the couple relocated to Belgium from Antigua. Choksi’s nephew, Nirav Modi, was arrested by the Metropolitan Police in London back in May 2019.
Although Modi had exhausted all legal avenues for extradition, he continues to be in a UK jail. Earlier reports from Antiguan media suggest that Mehul and Preeti Choksi are considering settling in Geneva. Earlier this year, Choksi’s legal counsel informed a special court in Mumbai that he is currently in Belgium’s Antwerp, undergoing treatment for blood cancer. In March 2023, Interpol revoked the Red Notice against Choksi.
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