Mehul Choksi Saga: Know About The Fugitive Businessman And How India Tracked Him — Explained In 5 Key Points

In a major development for Indian investigation agencies, fugitive diamond trader Mehul Choksi, a central accused in the Rs 13,500-crore Punjab National Bank (PNB) loan fraud scam case, has been apprehended in Belgium. The development has come years after an international manhunt, with Indian authorities pushing for his extradition to be put on trial in India. Choksi, 65, was arrested by Belgian police on Saturday, April 12, after a formal request from India's Central Bureau of Investigation (CBI). He had been living in Antwerp on a Belgian residency permit secured earlier this year.

1. Who Is Mehul Choksi?

Mehul Chinubhai Choksi, born on May 5, 1959, in Mumbai, is a fugitive Indian businessman and ex-chairman of Gitanjali Group, formerly one of India's largest jewellery retailers. He succeeded the family business in 1985 at the age of 26, building it into a multi-brand jewellery empire with more than 4,000 retail stores across India and overseas. Gitanjali Group, under the leadership of Choksi, had run major jewellery brands such as Nakshatra, Gili, Asmi, and D'damas and was listed on Indian stock exchanges. Choksi was a high-profile social figure in corporate and Bollywood circles, with top endorsements and celebrity brand associations. His ascension was put on hold in 2018 when he was listed as a prime accused in the Rs 13,500-crore PNB scam, along with his nephew Nirav Modi. The fraud was in the form of bogus Letters of Undertaking (LOUs) taken by Punjab National Bank's Brady House branch in Mumbai allegedly without proper documents or collateral. After the scandal was unearthed in February 2018, Choksi had left India in January 2018, weeks before investigation agencies moved against him. CBI and Enforcement Directorate (ED) probes found a trail of money laundering, criminal conspiracy, and siphoning off of funds, with several charge sheets presented in Indian courts.

Foreseeing legal woes, Choksi became a citizen of Antigua and Barbuda in 2017 through its Citizenship by Investment Program, providing him with a tactical legal umbrella because of the lack of a direct extradition agreement with India. For years, Choksi has protested that he is politically persecuted, invoking his health issues, such as blood cancer, to deflect legal proceedings and extradition. He has been a high-profile fugitive, facing legal proceedings in several nations while Indian agencies persist in their hunt.

2. What Is the PNB Scam?

Between 2014 and 2017, Choksi and colleagues were accused of conspiring with PNB officers to fraudulently obtain Letters of Undertaking (LOUs) and Foreign Letters of Credit (FLCs) to raise foreign credit, leading to an erroneous loss of more than Rs 6,000 crore for PNB. The combined scam, with Choksi as well as Nirav Modi, is estimated at Rs 13,500 crore, one of India's biggest banking scams. The CBI and Enforcement Directorate (ED) have filed multiple chargesheets against the duo for criminal conspiracy, money laundering, and embezzlement.

3. Choksi’s Global Escape Trail

• After fleeing India, Choksi acquired citizenship in Antigua and Barbuda under its investment program in 2017.
• In 2021, he was detained in Dominica under mysterious circumstances, allegedly while attempting to flee to Cuba by boat. He was later deported back to Antigua. Despite a formal extradition request, Dominica did not surrender him to Indian officials.

4. Red Notice Cancelled, But India Continued To Pursue Legal Channels

• Interpol canceled the Red Notice against Choksi in March 2023 based on human rights and political prejudice issues.
• Even with this failure, Indian agencies maintained diplomatic and legal pressure via alternative extradition channels.
• Assets amounting to Rs 2,565 crore have been attached or seized to date.

5. How The Belgium Arrest Happened

•In early 2024, Choksi moved to Belgium on the grounds of treatment for blood cancer.
•He and his wife, Preeti Choksi (a Belgian citizen), received residency in March 2025.
•On April 12, Belgian authorities responded to a new CBI request and arrested Choksi in Antwerp.
•His lawyers are ready to contest extradition, citing health issues and the fairness of a possible trial in India.

What Next?

Choksi is held in Belgian detention. The Indian government, via diplomatic efforts and judicial cooperation, is making an effort to secure his extradition for trial in the PNB fraud case. There is a likely legal battle brewing in Belgium regarding the extradition request.

Also Read: Mehul Choksi Detained By Belgium Police, India To Seek Extradition: Reports