Mon Apr 14 04:20:00 UTC 2025: ## Fugitive Diamond Tycoon Mehul Choksi Arrested in Belgium

**Brussels, Belgium –** Mehul Choksi, the fugitive diamond trader wanted in India for his alleged role in a massive bank fraud, has been arrested in Belgium. Sources within the Central Bureau of Investigation (CBI) confirmed the arrest, which occurred on Saturday. The 65-year-old Choksi is currently being held in a Belgian jail.

Choksi’s arrest stems from two outstanding warrants issued by a Mumbai court in May 2018 and June 2021. He and his nephew, Nirav Modi (currently awaiting extradition from the UK), are accused of defrauding Punjab National Bank (PNB) of over ₹13,500 crore (approximately $1.6 billion USD) in 2018. The alleged scheme involved fraudulent Letters of Undertaking (LoUs) and Foreign Letters of Credit (FLCs) obtained through bribery.

Choksi and Modi fled India in January 2018, just weeks before the PNB scam came to light. Choksi, an Antiguan and Barbudan citizen, had reportedly been residing in Antwerp, Belgium, with his wife. He had previously claimed to be seeking cancer treatment and planned to move to Switzerland. His disappearance from Antigua in 2021, and subsequent reappearance in Dominica, further complicated his legal situation.

While Choksi is expected to seek bail, citing health concerns, the arrest marks a significant step in India’s efforts to recover funds lost in the PNB fraud. The Indian government has already recouped ₹2,565.90 crore (approximately $310 million USD) through the sale of assets belonging to Choksi and other individuals involved in the scam. The Belgian government has previously acknowledged Choksi’s presence in the country, but refrained from commenting on individual cases until now. The extradition process is expected to begin shortly.

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