Fugitive Jeweller Mehul Choksi Arrested in Belgium

Mehul Choksi, an Indian jeweller involved in a massive bank fraud case, was arrested in Belgium. His extradition to India is contested on health grounds. Choksi and Nirav Modi face charges related to fraudulent transactions causing significant losses to Punjab National Bank, but both deny any wrongdoing.

Mehul Choksi, the fugitive jeweller involved in a major bank fraud scandal in India, has been apprehended in Belgium, according to sources within India's Enforcement Directorate.

Choksi's extradition to India has been requested by the Indian government, although he is anticipated to contest this on the grounds of medical issues, a source revealed. In 2018, Punjab National Bank (PNB), India's second-largest state-run bank by assets, disclosed what it described as a fraudulent scheme amounting to $1.8 billion at one of its branches in Mumbai.

The Indian federal police have filed charges of fraud against Choksi, his nephew Nirav Modi, and other parties in connection with suspected fraudulent activities leading to significant losses for PNB. Both Choksi and Modi have denied the allegations against them.

(With inputs from agencies.)