Mehul Choksi arrested in Belgium over $1.8 billion bank fraud case
- Mehul Choksi, an accused in a $1.8 billion fraud case against Punjab National Bank, was arrested in Belgium.
- Choksi has been living abroad since 2018 after leaving India amidst fraud allegations.
- His arrest brings hope for justice in a high-profile financial scandal and raises questions about the extradition process.
In early 2025, Indian fugitive Mehul Choksi, accused of a massive fraud against Punjab National Bank (PNB) amounting to nearly $1.8 billion, was arrested in Belgium. The arrest followed a formal extradition request made by India, where Choksi was wanted for defrauding the bank alongside his nephew, Nirav Modi. Choksi had been living abroad since 2018 after leaving India amid allegations of fraud. Upon his arrest, the Enforcement Directorate in India indicated that Choksi might challenge the extradition based on health reasons, claiming he is undergoing treatment for cancer and asserting that there is insufficient evidence against him. Indian authorities have been actively seeking to bring both Choksi and Modi back to face charges, as they are believed to have colluded with PNB employees to obtain fraudulent advances for payments to overseas suppliers. This scheme resulted in significant financial damage to one of India's largest state-run banks. With Choksi's arrest, hopes rise among Indian authorities to pursue justice and accountability for the alleged corruption. However, Choksi's legal team has stated their intention to oppose the extradition, citing potential political motivations behind the request. The extradition process and ensuing legal battles may take time but are pivotal for resolving this high-profile case. Choksi's apprehension signifies a critical step in the ongoing effort to address the implications of financial fraud in India's banking sector, underscoring the need for thorough scrutiny against influential figures in business.