Minister of State for Finance, Pankaj Chaudhary, on Monday described the arrest of fugitive businessman Mehul Choksi in Belgium as a “very big achievement” for the Indian government in its ongoing crackdown on economic offenders.
Choksi, wanted in connection with the Rs 13,850 crore Punjab National Bank (PNB) fraud, was arrested in Belgium on Saturday, as confirmed by local authorities. According to sources, preparations are now being made to extradite him to India.
Speaking to media, Minister Chaudhary highlighted the government’s dedication to holding financial offenders accountable:
“Prime Minister Narendra Modi had already said that those who have looted the money of the poor will have to return it. And action is being taken against such people in the country. Mehul Choksi has been arrested; it is definitely a very big achievement.”
Despite his arrest, Choksi is now preparing for a legal battle. His legal team is planning to move for bail, strongly opposing the extradition request on grounds of his ill health and ongoing cancer treatment. His lawyer, Vijay Aggarwal, stated earlier that Choksi is not a flight risk and that he has substantial medical grounds to remain in Belgium.
Choksi, 65, fled India on January 2, 2018, shortly before the PNB fraud came to light. He had acquired Antiguan citizenship in 2017, and after initially moving to the United States, he settled in Antigua. In 2021, he was arrested in Dominica, allegedly while attempting to escape to Cuba. However, Dominica deported him back to Antigua, despite India seeking his extradition.
Choksi is accused of colluding with his nephew Nirav Modi and certain PNB officials between 2014 and 2017 to fraudulently obtain Letters of Undertaking and Foreign Letters of Credit, causing a loss of over Rs 6,097 crore to the public sector bank.
He also defaulted on loans from ICICI Bank, and investigations by the Enforcement Directorate (ED) led to the seizure and attachment of assets worth Rs 2,565.90 crore, including properties in India and abroad, vehicles, bank accounts, jewellery, and shares.
Chaudhary’s statement reflects the government’s strong stance on financial crimes and its resolve to bring fugitives like Choksi and Nirav Modi to justice.