Non-Bailable Warrant Issued for Mehul Choksi in Bank Fraud Case

A court has issued a non-bailable warrant against Mehul Choksi in a Rs 55 crore Canara Bank-led loan fraud case. Choksi, implicated in a major PNB fraud, was arrested in Belgium. He allegedly misused loans meant for jewellery business. The case is set for a June hearing.

A non-bailable warrant has been issued against Mehul Choksi, a key figure in a loan fraud case involving around Rs 55 crore, spearheaded by a consortium led by Canara Bank. Choksi is also involved in the widely-publicized multi-million dollar Punjab National Bank (PNB) fraud case.

Choksi was apprehended in Belgium on April 12, following extradition requests by Indian authorities. The warrant was issued by Additional Chief Judicial Magistrate R B Thakur of the Esplanade Court. The judicial proceedings have been adjourned to June 2, pending a report on the warrant status.

The Central Bureau of Investigation (CBI) alleged that loans sanctioned by Canara Bank and the Bank of Maharashtra, totaling Rs 55.27 crore, were intended for Bezel Jewellery's gold and diamond business. However, the funds were reportedly misused, leading to significant financial losses. Meanwhile, Choksi's nephew, Nirav Modi, remains incarcerated in London over related charges.

(With inputs from agencies.)