Minister of State for Finance Pankaj Chaudhary hailed the arrest of fugitive businessman Mehul Choksi in Belgium as a “very big achievement,” reinforcing the government’s resolve to bring economic offenders to justice.
Choksi, who is wanted in connection with the ₹13,850 crore Punjab National Bank (PNB) scam, was apprehended by Belgian authorities on Saturday after they confirmed his presence in the country. According to sources, preparations are now underway for his extradition to India.
“Prime Minister Narendra Modi had already said that those who looted the money of the poor would have to return it. Action is being taken against such individuals, and Mehul Choksi’s arrest is definitely a very big achievement,” Chaudhary told ANI.
Despite the arrest, Choksi is reportedly gearing up for a legal battle. His legal team is expected to file for bail, opposing extradition on the grounds of ill health and ongoing cancer treatment. Lawyer Vijay Aggarwal stated that Choksi is not a flight risk and emphasized his medical condition as a key argument against his detention.
The 65-year-old diamond merchant fled India on January 2, 2018, after the PNB fraud came to light. Before his departure, he had acquired Antiguan citizenship. He was later arrested in Dominica in 2021 under controversial circumstances but was sent back to Antigua, citing legal complications.
Choksi and his nephew Nirav Modi are accused of colluding with PNB officials between 2014 and 2017 to fraudulently obtain Letters of Undertaking and Foreign Letters of Credit, causing losses of over ₹6,000 crore to the bank. In addition to the PNB scam, Choksi had also defaulted on loans from other financial institutions, including ICICI Bank.
As Indian authorities push for Choksi’s extradition, the case is shaping up to be another high-profile legal and diplomatic challenge in India’s efforts to repatriate economic fugitives.
