Fugitive diamond tycoon Mehul Choksi, wanted in India for his alleged involvement in the ₹13,850 crore Punjab National Bank (PNB) fraud, has been arrested in Belgium by local law enforcement authorities. The arrest follows a years-long international pursuit and a complex trail of movements across countries. Here is a detailed timeline of events that led to his eventual capture:
- 2017: Mehul Choksi acquired Antiguan citizenship, laying the groundwork for his escape from Indian jurisdiction.
- January 2018: Choksi fled India, days before the massive PNB fraud came to light. He initially travelled to the United States before relocating to Antigua, using his new citizenship as a shield against extradition.
- May 2019: His nephew and co-accused, Nirav Modi, was arrested in London by the Metropolitan Police. While Modi has exhausted legal options, he remains in custody in the UK.
- March 2023: In a setback to Indian authorities, Interpol revoked the Red Corner Notice against Choksi.
- 2024: Mehul and Preeti Choksi reportedly relocated from Antigua to Belgium. Antiguan media reports also suggested the couple was considering settling in Geneva.
- Early 2024: Choksi’s legal counsel informed a special court in Mumbai that he was undergoing treatment for blood cancer in Antwerp, Belgium.
- Two weeks ago: The couple secured F-Residency cards in Belgium. Preeti Choksi, a Belgian citizen, has long-standing family ties in the country.
- April 2024: Choksi was arrested in Belgium on Saturday after Belgian authorities confirmed his location, acting on a request from India’s Central Bureau of Investigation (CBI).
Despite the arrest, Choksi is preparing for a legal battle to resist extradition. His defence team has cited health concerns and other factors as grounds to oppose India’s request.
Between 2014 and 2017, Choksi, in alleged collusion with Punjab National Bank officials, fraudulently secured Letters of Undertaking and Foreign Letters of Credit, causing losses exceeding ₹6,000 crore. He also defaulted on loans from other banks, including ICICI Bank.
The Enforcement Directorate (ED) has conducted extensive investigations, including 136 raids across India, seizing assets worth ₹2,565.90 crore belonging to Choksi and his Gitanjali Group. This includes jewellery, properties, factories, bank accounts, and shares, both in India and overseas.
Preparations for Choksi’s extradition to India are currently underway, marking a significant development in one of India’s most high-profile financial fraud cases.