The fugitive diamond trader was held in Belgium on India’s extradition request as efforts continue to bring back economic offenders.
New Delhi | April 14, 2025:
In a major breakthrough for Indian enforcement agencies, fugitive diamantaire Mehul Choksi has been arrested in Belgium on India’s extradition request, sources in the Central Bureau of Investigation (CBI) confirmed early Monday. The 65-year-old was detained on Saturday and is currently lodged in a Belgian jail.
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Choksi, along with his nephew Nirav Modi—who remains in London awaiting extradition—is accused of defrauding Punjab National Bank (PNB) of a staggering ₹13,850 crore. The case, which shook the Indian banking sector in 2018, involved fraudulent Letters of Undertaking (LoUs) and Foreign Letters of Credit (FLCs), allegedly issued through collusion with bank officials.
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Two open-ended arrest warrants issued by a Mumbai court in May 2018 and June 2021 were referenced during Choksi’s arrest, according to a report by the Economic Times.
Extradition Battle Likely Ahead
Choksi is expected to challenge his detention and seek bail on health grounds, a tactic he previously employed while residing in Antigua and Barbuda, where he had obtained citizenship. In 2021, he mysteriously went missing from Antigua and was later found in Dominica, raising eyebrows about his movements.
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Belgium’s Foreign Ministry had previously acknowledged Choksi’s presence in Antwerp, where he was living with his Belgian wife Preeti Choksi after acquiring a residency card. While the ministry refrained from commenting on the case specifics, it confirmed “close monitoring” of the developments.
Asset Recovery Efforts Ongoing
In December 2024, Finance Minister Nirmala Sitharaman informed Parliament that over ₹22,000 crore worth of assets belonging to economic offenders including Choksi had been seized or sold to repay dues to banks and creditors.
Choksi’s arrest marks a significant development in India’s global crackdown on white-collar fugitives, as it continues to pursue high-profile defaulters and restore accountability in the financial system.
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