Belgian authorities confirm Mehul Choksi's arrest, India's extradition request
Mehul Choksi is wanted by the CBI and ED in India for allegedly defrauding PNB of ₹13,850 crore.
The Belgian Federal Public Service of Justice on Monday confirmed that Indian fugitive businessman Mehul Choksi had been arrested on Saturday and was being detained until judicial proceedings began.
The Belgian authorities also confirmed that Indian authorities had introduced an extradition request for the fugitive. Choksi has been given access to his legal counsel while in custody.
Also Read: Mehul Choksi arrested: Here's why his extradition to India can take a long time
Choksi, who is wanted by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) in India, allegedly planned to move to Switzerland for cancer treatment before he was caught by Belgian law enforcement authorities.
What are the charges against Choksi?
The businessman had evaded arrest in India and been on the run since 2018 after his allegedly fraudulent activities were exposed.
Also Read: From Antigua to Antwerp: How fugitive diamond trader Mehul Choksi landed in Belgian custody
Choksi is accused of defrauding Punjab National Bank (PNB) of ₹13,850 crore by allegedly using forged Letters of Undertaking to obtain overseas credit or loans from Indian banks.
He is also implicated in a case involving his company, Geetanjali Gems, after he allegedly agreed to provide a business partner ₹3 crore worth of stocks in jewelry and instead gave them substandard material worth ₹50-70 lakh only.
Also Read: How India, Belgium jointly stopped Mehul Choksi from fleeing to Switzerland
The CBI has also filed three more cases against Mehul Choksi in 2022 for allegedly cheating other banks as well. In the PNB case, Choksi's nephew Nirav Modi was also one of the accused.
Nirav Modi is currently fighting an extradition request made by India and is imprisoned in London after a UK court rejected his bail multiple times.
The ED is also conducting an investigation into the alleged money laundering probe by Mehul Choksi. His properties worth over ₹2,500 crore are to be utilized for any compensation for losses incurred by people who were defrauded.
