Fugitive diamond merchant Mehul Choksi, wanted in India for his alleged involvement in the multi-billion dollar Punjab National Bank (PNB) fraud case, has been arrested by Belgian law enforcement authorities, marking a major breakthrough in the long-standing investigation. Choksi had been evading Indian authorities since 2018.
Here is a timeline of key events leading up to his arrest:
- 2017: Mehul Choksi acquired Antiguan citizenship, a year before fleeing India.
- January 2, 2018: Choksi fled India, initially travelling to the United States, before eventually settling in Antigua.
- May 2019: His nephew Nirav Modi was arrested by the Metropolitan Police in London. Though he exhausted all legal options for extradition, Nirav remains in a UK prison.
- March 2023: Interpol revoked the Red Notice issued against Choksi.
- 2024: Mehul Choksi and his wife Preeti Choksi relocated from Antigua to Belgium, reportedly for medical treatment.
- Earlier in 2025: Choksi’s legal counsel informed a Mumbai special court that he was undergoing treatment for blood cancer in Antwerp, Belgium.
- Two weeks ago: Mehul Choksi and his wife obtained F-Residency Cards in Belgium. Preeti, being a Belgian citizen, also has family ties in the country.
- Recent Reports: Antiguan media suggested that the couple was considering settling in Geneva.
- Saturday (recent): Belgian authorities, acting on India’s request, arrested Mehul Choksi after confirming his presence in the country. Preparations are now underway for his extradition to India.
Despite the arrest, Choksi is preparing for a legal battle. His defence team plans to move for bail and oppose the extradition, citing his health condition and other legal arguments.
Allegations and Investigations
Mehul Choksi is accused of colluding with his associates and Punjab National Bank officials between 2014 and 2017, fraudulently obtaining Letters of Undertaking and Foreign Letters of Credit, causing a wrongful loss of Rs 6,097.63 crore to PNB. He also defaulted on a loan taken from ICICI Bank.
During the probe, the Enforcement Directorate (ED) conducted raids at more than 136 locations across India, seizing valuables and jewellery worth Rs 597.75 crore related to the Gitanjali Group, owned by Choksi.
Additionally, the ED attached immovable and movable assets worth Rs 1,968.15 crore, which included properties in India and abroad, vehicles, bank accounts, shares, factories, and jewellery. The total value of attached or seized assets in the case stands at Rs 2,565.90 crore. So far, three prosecution complaints have been filed. Fugitive diamond merchant Mehul Choksi, wanted in India for his alleged involvement in the multi-billion dollar Punjab National Bank (PNB) fraud case, has been arrested by Belgian law enforcement authorities, marking a major breakthrough in the long-standing investigation. Choksi had been evading Indian authorities since 2018.
Here is a timeline of key events leading up to his arrest:
- 2017: Mehul Choksi acquired Antiguan citizenship, a year before fleeing India.
- January 2, 2018: Choksi fled India, initially travelling to the United States, before eventually settling in Antigua.
- May 2019: His nephew Nirav Modi was arrested by the Metropolitan Police in London. Though he exhausted all legal options for extradition, Nirav remains in a UK prison.
- March 2023: Interpol revoked the Red Notice issued against Choksi.
- 2024: Choksi and his wife Preeti Choksi relocated from Antigua to Belgium, reportedly for medical treatment.
- Earlier in 2025: Choksi’s legal counsel informed a Mumbai special court that he was undergoing treatment for blood cancer in Antwerp, Belgium.
- Two weeks ago: Choksi and his wife obtained F-Residency Cards in Belgium. Preeti, being a Belgian citizen, also has family ties in the country.
- Recent Reports: Antiguan media suggested that the couple was considering settling in Geneva.
- Saturday (recent): Belgian authorities, acting on India’s request, arrested Choksi after confirming his presence in the country. Preparations are now underway for his extradition to India.
Despite the arrest, Choksi is preparing for a legal battle. His defence team plans to move for bail and oppose the extradition, citing his health condition and other legal arguments.
Allegations and Investigations
Choksi is accused of colluding with his associates and Punjab National Bank officials between 2014 and 2017, fraudulently obtaining Letters of Undertaking and Foreign Letters of Credit, causing a wrongful loss of Rs 6,097.63 crore to PNB. He also defaulted on a loan taken from ICICI Bank.
During the probe, the Enforcement Directorate (ED) conducted raids at more than 136 locations across India, seizing valuables and jewellery worth Rs 597.75 crore related to the Gitanjali Group, owned by Choksi.
Additionally, the ED attached immovable and movable assets worth Rs 1,968.15 crore, which included properties in India and abroad, vehicles, bank accounts, shares, factories, and jewellery. The total value of attached or seized assets in the case stands at Rs 2,565.90 crore. So far, three prosecution complaints have been filed.