Mehul Choksi, the Indian billionaire jeweler accused of orchestrating a nearly $2 billion fraud involving Punjab National Bank (PNB), has been arrested in Antwerp, Belgium. This development follows a seven-year manhunt after Choksi and his nephew, Nirav Modi, fled India in 2018. Indian authorities had previously requested his extradition, which is now expected to proceed.
Background
Choksi and Modi are accused of using fraudulent letters of credit to secure loans from PNB’s Mumbai branch, which were allegedly diverted into luxury assets and personal accounts. The scandal has been one of India’s largest financial frauds, drawing international attention.
Legal Proceedings
Choksi’s legal team plans to challenge the extradition on medical grounds, citing his ongoing cancer treatment and concerns over prison conditions in India. His nephew, Nirav Modi, remains incarcerated in the UK pending extradition proceedings.
