Fugitive Mehul Choksi Held in Belgium, Lawyer Plans Appeal

The legal team representing Mehul Choksi announced plans to contest his arrest in Belgium, following the 65-year-old fugitive businessman’s recent detention in connection with the Punjab National Bank (PNB) loan fraud case.

Choksi, who left India before his alleged involvement in the 2018 PNB fraud surfaced, faces charges from the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) for defrauding the bank of more than Rs 13,500 crore. His nephew, Nirav Modi, is also accused in the case and remains in custody in the United Kingdom after losing an appeal against extradition.

Attorney Vijay Aggarwal confirmed the intention to challenge Choksi's arrest and oppose India’s extradition request. Speaking in New Delhi, Aggarwal stated that Choksi is seriously ill and undergoing treatment for cancer, asserting that he poses no risk of fleeing and labeling the case politically motivated.

Authorities allege that Choksi, Modi, and executives from Gitanjali Gems misused letters of undertaking (LoUs) and foreign letters of credit (FLCs) by bribing officials at PNB’s Brady House branch in Mumbai. A criminal complaint was lodged by the bank naming several entities, including Choksi and Modi.

After leaving India, Choksi acquired Antiguan and Barbudan citizenship under the country’s investment program. In 2021, he briefly went missing from Antigua and was later found in Dominica. Recently, the Belgian foreign ministry confirmed Choksi's presence in Belgium, where he was residing in Antwerp with his wife, Preeti Choksi, a Belgian national. Reports suggest he had plans to relocate to Switzerland.

The Union Finance Ministry previously disclosed that properties worth Rs 2,565.90 crore linked to economic offenders such as Choksi have been recovered or liquidated to repay defrauded institutions.