Mehul Choksi Arrested in Belgium: Timeline of India’s $2 Billion PNB Fraud Case and Extradition Battle

Mehul Choksi Arrested in Belgium !

In the high-stakes world of luxury jewelry, Mehul Choksi was once a gleaming success story. Today, he’s better known as a central figure in one of India’s biggest banking frauds, a globetrotting fugitive, and the star of an international legal drama that continues to unfold. Here's a breakdown of the case that's equal parts white-collar crime thriller and real-world cautionary tale.

The Sparkle Before the Scandal

Mehul Choksi was the face behind Gitanjali Group, one of India's largest jewelry brands. His empire sparkled until a massive financial scandal wiped the shine off completely. In early 2018, Choksi and his nephew Nirav Modi were accused of orchestrating a ₹13,850 crore ($2 billion+) fraud against Punjab National Bank (PNB). The core of the scam? Fraudulent Letters of Undertaking (LoUs) that helped them secure credit from overseas banks without any collateral or intention to repay.

It wasn’t just clever accounting it was straight-up economic sabotage.

Just as the investigation heated up, Choksi coincidentally acquired citizenship in Antigua and Barbuda via their Citizenship by Investment program .With a brand-new passport in hand, he quietly vanished from India. Since then, Indian authorities have been trying to get him back, with arrest warrants, red corner notices, and a steadily increasing pile of legal paperwork.

The 2021 Plot Twist: Kidnap or Cop-Out?

In a bizarre twist, Choksi went missing from Antigua in May 2021 and was found in Dominica, bruised and claiming he had been kidnapped. He alleged a James Bond-style abduction by Indian agents. The Indian government denied any involvement, and the Caribbean courts were left sorting through the mess.

Was it an actual kidnapping or a manufactured drama to evade extradition? The jury’s still out, but most analysts lean toward the latter.

Arrest in Belgium: The Net Tightens

Fast forward to April 2025 just when Choksi’s story was beginning to fade from the front pages, he was arrested in Antwerp, Belgium. This was a coordinated move by Indian law enforcement agencies, including the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED). Belgium may now be the gateway for India’s long-awaited extradition win.

With Choksi in custody, India may finally be closing in on justice. But extradition processes especially those involving multiple jurisdictions and diplomatic considerations are rarely quick. Legal teams will argue, paperwork will fly, and Choksi may have a few more cards left to play.

Why It Matters

The Mehul Choksi case isn’t just about one man or one fraud. It raises critical questions about:

• Due diligence in banking systems

• Abuse of international citizenship programs

• The speed (or lack thereof) of international legal cooperation

More than that, it's a reminder that even the most polished reputations can crumble—and that in the age of global finance, no one is truly beyond reach forever.