Mehul Choksi Arrested: Fugitive Diamond Merchant Held in Belgium Over PNB Loan Fraud

Mehul Choksi Arrested: Mehul Choksi, a well-known international diamond merchant and Gitanjali Group owner, has been arrested in Belgium in connection with the Punjab National Bank (PNB) loan fraud investigation. Choksi, who is also the uncle of Nirav Modi, another main accused in the case, was seized on the basis of a Zari Warrant issued by a Mumbai court on May 23, 2018, and June 15, 2021. After Choksi was discovered in Belgium, Indian investigators issued a formal request for his arrest. He is currently in custody, and the matter is being monitored by CBI Agra officials. The Enforcement Directorate (ED), along with PNB and ICICI Bank, has filed a joint application in Mumbai’s special PMLA court to monetize Choksi's attached and confiscated properties.

PNB Loan Scam 

Between 2014 and 2017, Choksi and PNB personnel fraudulently secured Letters of Undertaking and Foreign Letters of Credit, costing the bank roughly Rs 6,097.63 crore. In addition, he defaulted on a substantial credit from ICICI Bank. Despite being a well-known businessman with ventures in India, the United States, the Middle East, and Southeast Asia, Choksi obtained citizenship in Antigua and Barbuda. Currently, there is no confirmed information about his net worth. His arrest is viewed as a significant step forward for Indian agencies, and the Indian government is anticipated to make more steps to extradite him.