Fugitive diamond merchant Mehul Choksi, a key accused in the ₹13,000 crore Punjab National Bank (PNB) scam, was arrested in Belgium on Saturday and is currently in jail following an extradition request by Indian authorities, according to reports citing sources in the Central Bureau of Investigation (CBI). This comes after the Interpol Red Notice against him for arrest was “deleted” in 2023, PTI reported.
Belgian authorities arrested the 65-year-old by invoking two non-bailable arrest warrants issued by a Mumbai court, dated May 23, 2018, and June 15, 2021, The Economic Times reported.
Choksi was reportedly planning to travel to Switzerland for treatment at a cancer hospital. He is now expected to cite medical reasons to seek bail and request an immediate release. His lawyer said that he will file an appeal against Mehul Choksi’s arrest in Belgium, citing his cancer treatment.
“Our appeal seeking his release on bail will mainly be on the ground that (due to) his medical condition, he is undergoing treatment for cancer. We will also be arguing that he is not a flight risk,” Choksi’s lawyer Vijay Aggarwal told The Indian Express on Monday morning.
He added that they plan to file the bail appeal when the case comes up for hearing after five days.
Choksi and his nephew, Nirav Modi, who is currently lodged in a UK prison, are both awaiting extradition to India in connection with the massive loan fraud. In 2018, the duo, along with several of their family members and bank officials, were booked by the Enforcement Directorate (ED) and the CBI for orchestrating one of India’s biggest banking scams.
Investigations revealed that they colluded with PNB officials to fraudulently obtain Letters of Undertaking (LoUs) and manipulated Foreign Letters of Credit (FLCs) without proper due diligence, which caused massive financial losses to the state-run bank. Before the scam came to light, they both fled the country.
Mehul Choksi, who holds citizenship of Antigua and Barbuda, first travelled to the United States and later settled in Antigua in 2017 after acquiring citizenship. In 2021, he briefly went missing from the island nation and was later found in Dominica, where he was allegedly trying to flee to Cuba. While his legal counsel claimed he had been kidnapped from Antigua, Dominica ultimately deported him back there, despite India formally seeking his extradition. He then left Antigua for medical treatment and travelled to Belgium.
He has been living in Antwerp, Belgium, with his wife, Preeti Choksi, a Belgian citizen. He obtained an ‘F Residency Card’ to stay in Belgium by submitting misleading and fabricated documents, including false declarations and forged papers.
In December 2024, Union Finance Minister Nirmala Sitharaman informed Parliament that properties worth Rs 22,280 crore had been either restored or sold off to recover dues owed by economic fugitives, including Choksi.
Mehul Choksi arrested in Belgium: Timeline of events
2018: Mehul Choksi fled to the United States before settling in Antigua, having acquired citizenship there in 2017.
2019: Choksi’s nephew, Nirav Modi, was arrested by the Metropolitan Police in London. Although he has exhausted all legal options against extradition, he remains in custody in the UK.
2023: Interpol revoked the Red Notice that had been issued against Mehul Choksi.
2024: Choksi and his wife reportedly moved from Antigua to Belgium, with reports that they were considering settling in Geneva, Switzerland.
2025: Choksi’s lawyer informed a special court in Mumbai that he is currently in Antwerp, Belgium, undergoing treatment for blood cancer.
Two weeks before his arrest, Choksi obtained Belgium’s F-Residency card.
PNB scam whistleblower hails Choksi’s arrest
PNB scam whistleblower Hari Prasad SV has hailed the arrest of fugitive Indian businessman Mehul Choksi by Belgium’s Law Enforcement authorities, acting on the request of the CBI.
“Wow, Mehul Choksi getting arrested in Belgium is great news not only for India but also for all those who got cheated by him. The government must bring him back to India as soon as possible, and justice must be delivered,” ANI quoted him as saying.
He further, as per the news agency, said, “Apart from bringing him back, the most important thing is to get back all those billions of dollars he looted from India and stashed anywhere in the world. Hopefully, the Government of India will succeed this time. Great news”
On July 26, 2016, Bengaluru-based entrepreneur Hari Prasad had written to the Prime Minister’s Office (PMO) about a potential large-scale scam. He pointed out that the balance sheets contained clear indicators that something was amiss.
Who is Mehul Choksi?
Mehul Choksi is a key accused in the multi-crore Punjab National Bank (PNB) scam who is wanted by Indian authorities. He is the owner of the Gitanjali Group, a major retail jewellery company that once operated around 4,000 stores across India. The company became defunct after the PNB scam came to light.
Choksi was born to Chinubhai Choksi on May 5, 1959, in Bombay (now Mumbai). He completed his education at GD Modi College in Gujarat and has a son and two daughters. He began his career in the gems and jewellery industry in 1975, eventually taking over the leadership of Gitanjali Gems from his father in 1985. Under his leadership, the company expanded beyond its initial focus on rough and polished diamonds.
His younger brother, Chetan Chinubhai Choksi, ran a diamond firm named Diminco NV, based in Antwerp, Belgium. In 2013, Diminco NV defaulted on a payment of USD 25.8 million to a subsidiary of ICICI Bank, leading to legal action in commercial courts in Belgium and the UK.