Mehul Choksi, 65, is an Indian-born diamond trader. He primarily came to light for his alleged involvement in the Rs 13,000 crore Punjab National Bank (PNB) fraud case.
Mehul Choksi, wanted in connection with the Rs 13,000 crore Punjab National Bank (PNB) loan fraud case, was arrested in Belgium, following an extradition request by Indian investigative agencies. The absconding diamond trader was located in Belgium where he was arrested by the police on Saturday. He has been on the run and reportedly fled from Antigua at the end of 2021.
Reports suggested that preparations are underway to extradite him to India, however, his lawyer will try to get him bail by citing his health issues.Indian investigative agencies were in touch with Belgian agencies for two months resulting in his arrest.
Who is Mehul Choksi?
Mehul Choksi, 65, is an Indian-born diamond trader and former owner of the Gitanjali Group. He primarily came to the light for his alleged involvement in the Rs 13,000 crore Punjab National Bank (PNB) fraud case, one of the largest financial scandals in the country’s history.
Choksi, his nephew and fugitive diamond trader Nirav Modi and their family members and employees, bank officials and others were booked by the Enforcement Directorate (ED) and the CBI in 2018 for perpetrating the alleged loan fraud at the Brady House branch of PNB in Mumbai.
To evade authorities following the scam, he obtained citizenship in Antigua and Barbuda, a Caribbean nation, in 2017 through its Citizenship by Investment Program. In 2021, he was arrested in Dominica under controversial circumstances, with Choksi alleging he was kidnapped from Antigua by Indian agents.
What is the PNB scam?
The Punjab National Bank (PNB) scam is one of the largest financial frauds in the country’s history, involving fraudulent transactions totaling approximately Rs 13,000 crore. The scam came to light in early 2018 and was primarily orchestrated by jeweller Nirav Modi and his uncle Mehul Choksi, along with certain PNB employees.
The alleged fraud was executed through the misuse of Letters of Undertaking (LoUs), which are bank guarantees issued for overseas credit. Between 2011 and 2018, two employees at PNB’s Brady House branch in Mumbai issued unauthorized LoUs via the SWIFT system without recording them in the bank’s core systems. This allowed Nirav Modi’s firms, including Diamond R US, Solar Exports, and Stellar Diamonds, to secure credit from other Indian banks’ overseas branches without proper collateral.
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