The arrest of diamond dealer Mehul Choksi in Belgium marks a significant development in a high-profile fraud case linking him to a $1.8 billion scandal involving India's Punjab National Bank, which has captivated public attention and raised questions about financial governance.
Fugitive Indian Jeweler Mehul Choksi Arrested in Belgium Amid Financial Fraud Charges
Fugitive Indian Jeweler Mehul Choksi Arrested in Belgium Amid Financial Fraud Charges
Mehul Choksi, wanted in India for a major bank fraud, is apprehended in Antwerp as authorities seek his extradition.
Mehul Choksi, a prominent diamond trader accused of orchestrating a large-scale fraud linked to one of India's state-run banks, was arrested over the weekend in Antwerp, Belgium. Choksi, 65, is wanted in connection with an alleged attempt to defraud the Punjab National Bank of approximately $1.8 billion, a case that drew widespread scrutiny when it emerged publicly in 2018.
Leaving India just before the accusations were made public, Choksi had sought refuge in various locations, including the Caribbean, before settling in Belgium. His arrest came at the request of India’s Central Bureau of Investigation (CBI), which is pushing for his extradition to face charges.
While the Belgian prosecutor's office has not disclosed specific details surrounding his arrest, Choksi’s lawyer, Vijay Aggarwal, stated that he intends to argue for his client’s immediate release, citing serious health issues as well as ongoing treatment for cancer. “He is not a flight risk,” Aggarwal asserted during a news conference in New Delhi.
Choksi's case draws parallels with that of his nephew, Nirav Modi, a well-known jeweler who was arrested in London in 2019 under similar circumstances. The charges against both men have sparked public outcry regarding the vulnerabilities in taxpayer-owned banks and the entitlements of the affluent elite in India.
The anticipation surrounding Choksi and Modi's legal battles underscores a broader narrative within Indian society concerning accountability and transparency within the banking sector. The flight of both jewelers prior to their prosecution has left many questioning the integrity and regulation of financial institutions that purportedly serve the public interest.
