Fugitive Jeweler Mehul Choksi Arrested in Belgium Over Fraud Charges

Choksi's arrest marks a significant development in a case that has drawn public interest and has implications for India's banking oversight.

Mehul Choksi, the wealthy diamond trader sought by India for his alleged role in defrauding the Punjab National Bank of nearly $1.8 billion, has been arrested in Belgium, his lawyer confirmed on Monday. The arrest occurred in Antwerp, known for its diamond trade, where Choksi had been residing after fleeing India in 2018 when the fraud allegations were revealed.

The Belgian public prosecutor's office requested the arrest, as law enforcement continued to investigate the circumstances surrounding Choksi's apprehension. His lawyer, Vijay Aggarwal, stated that the Central Bureau of Investigation in India is seeking Choksi's extradition. In response to his client's arrest, Aggarwal plans to argue for Choksi's immediate release, citing serious health concerns due to his ongoing cancer treatment.

Choksi, aged 65, has been a fugitive since he left India ahead of the public unveiling of the scandal that shocked the country and caused significant backlash against state-owned financial institutions. The fraud case implicated not only Choksi but also his nephew, Nirav Modi, a former high-profile jeweler arrested in London back in 2019. Modi has also denied wrongdoing and is currently fighting extradition to India.

The high-profile cases involving both Choksi and Modi have raised public concern regarding the corruption within taxpayer-funded banks and the ease with which affluent individuals can escape justice. Facilitated by the legal intricacies governing international law and extraditions, the events have kept the media and the public captivated as developments unfold in ongoing legal battles.

As legal proceedings begin, India’s efforts to bring Choksi and others to justice will remain under scrutiny from both domestic and international observers. The situation illustrates the ongoing challenges faced by authorities in holding powerful individuals accountable in financial crimes.