Antwerp, April 14, 2025 – Mehul Choksi, the fugitive diamond trader implicated in the massive Punjab National Bank (PNB) loan fraud, was arrested by Belgian police on Saturday, Central Bureau of Investigation (CBI) sources confirmed today. The 65-year-old, wanted for his alleged role in defrauding India’s second-largest bank of over Rs 13,500 crore, is currently in custody.
Belgian authorities acted on two arrest warrants issued by a Mumbai court on May 23, 2018, and June 15, 2021, according to Economic Times. Choksi, who is reportedly in poor health, is expected to seek bail and request immediate release.
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Choksi, along with his nephew Nirav Modi—who is awaiting extradition from London—faces charges from the CBI and Enforcement Directorate (ED) for orchestrating the 2018 scam. The duo allegedly colluded with PNB officials at the bank’s Brady House branch in Mumbai, using fraudulent letters of undertaking (LoUs) and foreign letters of credit (FLCs) to siphon funds. Choksi and Modi fled India in January 2018, just weeks before the fraud came to light.
Last month, Belgium’s foreign ministry acknowledged Choksi’s presence in the country, telling NDTV they were monitoring the case closely but refrained from commenting on specifics. Reports indicate Choksi has been living in Antwerp with his wife, Preeti Choksi, a Belgian citizen, after obtaining a residency card. A citizen of Antigua and Barbuda, Choksi reportedly left the Caribbean nation for cancer treatment and had plans to relocate to Switzerland.
Choksi’s movements have drawn scrutiny before. In 2021, he briefly went missing from Antigua, only to be located in Dominica. His arrest in Belgium marks a significant development in the ongoing pursuit of justice in the PNB case.
In December 2024, Union Finance Minister Nirmala Sitharaman informed India’s parliament that assets worth Rs 2,565.90 crore linked to fugitives like Choksi had been recovered or sold to settle outstanding debts. As legal proceedings continue, all eyes are on whether Choksi’s arrest will lead to his extradition to India to face trial.
Key Points: Mehul Choksi Arrested in Belgium
- Arrest Details: Fugitive diamond trader Mehul Choksi, 65, was arrested by Belgian police on Saturday, April 12, 2025, and is currently in custody, as confirmed by CBI sources.
- Charges: Wanted in the Rs 13,500 crore Punjab National Bank (PNB) fraud case of 2018, accused of using fraudulent letters of undertaking (LoUs) and foreign letters of credit (FLCs).
- Arrest Warrants: Belgian authorities acted on two Mumbai court warrants dated May 23, 2018, and June 15, 2021.
- Health and Bail: Choksi is expected to seek bail, citing ill health and other reasons.
- Co-Accused: Linked to nephew Nirav Modi, who awaits extradition from London for the same scam.
- Flight from India: Choksi and Modi fled India in January 2018, weeks before the PNB fraud surfaced.
- Belgium Connection: Choksi has been living in Antwerp with his wife, Preeti, a Belgian citizen, under a residency card.
- Previous Movements: A citizen of Antigua and Barbuda, Choksi left for cancer treatment and was briefly found in Dominica in 2021 after going missing.
- Asset Recovery: In December 2024, Finance Minister Nirmala Sitharaman reported Rs 2,565.90 crore in assets linked to fugitives like Choksi recovered or sold.
