Indian jeweler Mehul Choksi Arrested in Belgium in $1.8 Billion Bank Fraud Case

Mehul Choksi, the Indian businessman wanted in one of the country’s biggest banking scams, has finally been arrested in Belgium.

The 65-year-old diamond merchant, accused of cheating Punjab National Bank (PNB) of nearly $1.8 billion, was detained in Antwerp over the weekend.

Belgian authorities acted on an Indian extradition request and picked up Choksi in Antwerp, a global diamond trading hub. His lawyer confirmed the arrest but claimed Choksi is seriously ill and would fight deportation.

Choksi and his nephew Nirav Modi allegedly used fake bank guarantees from PNB to take huge loans for their jewelry businesses. The fraud came to light in early 2018, but by then, both had already fled India.

• Modi’s status: Arrested in London in 2019, still fighting extradition
• Choksi’s escape: Became a citizen of Antigua & Barbuda, later moved to Belgium

Choksi’s legal team says no. They argue:

• He’s receiving cancer treatment
• Indian jails are “inhumane”
• The case is “politically motivated”

However, Indian authorities have been pushing hard to bring back economic offenders like Choksi. The Belgian court will now decide—a process that could take years due to appeals.

The PNB fraud exposed major loopholes in India’s financial system. While reforms followed, many Indians remain angry that wealthy businessmen could allegedly cheat banks and escape accountability for years.