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Fugitive diamond merchant Mehul Choksi, wanted in the Rs 14,000-crore Punjab National nuclear-deterrence-how-26-rafales-can-be-a-
Bank fraud, has been arrested in Belgium based on India's extradition request. He is game-changer-for-
navy/articleshow/120253112.cms)
accused of colluding with bank officials to fraudulently obtain financial instruments,
... Read More
NEW DELHI: Fugitive diamond merchant
Fugitive businessman Mehul Choksi (File photo)
......................................................
................................
(https://timesofindia.indiatimes.com/topic/diamond-merchant)Mehul Choksi
(https://timesofindia.indiatimes.com/topic/mehul-choksi), a key accused in the Rs Trending Stories
14,000-crore Punjab National Bank fraud
(https://timesofindia.indiatimes.com/topic/punjab-national-bank-fraud) case, was In Business Entire Website
arrested on Saturday by Belgian authorities on India's extradition request.
Stock Markets closed on April 14 for
Ambedkar Jayanti…
Choksi’s arrest was based on two non-bailable warrants
US-China tariff war, earnings to drive
(https://timesofindia.indiatimes.com/topic/non-bailable-warrants) issued by a mkts, say analysts…
Mumbai court, dated May 23, 2018, and June 15, 2021, according to people FPIs pull out nearly Rs 32k crore
from equities in April so far…
familiar with the development.
TCS to hire 42k trainees in FY26,
promotes 1.1 lakh in FY25…
Choksi is now preparing for a legal fight as his defence team prepares to seek bail
Asian tech stocks climb amid mixed
and challenge efforts to extradite him to India. signals on tariff reprieve…
His lawyers argue that there are valid grounds to oppose extradition, including his
medical condition.
Financial Calculators
The 65-year-old fugitive diamond trader is wanted by the CBI and ED for his
alleged role in defrauding PNB of nearly Rs 1,400 crore, along with his nephew Mutual Fund Calculator
Nirav Modi. A Mutual Fund Calculator
helps estimate the future…
Reacting to the news of Choksi's arrest, the PNB scam whistle-blower Hariprasad
SV said, "It's really great news. We are very glad for all those people who were Calculate Now
- (https://timesofindia.indiatimes.com/business/fin
cheated by Mehul Chowksi in India. It's unbelievable how he got caught in calculators/mutual-fund-returns-calculator)
Belgium. It's also important that we not only get him back to India but also get
back the money he looted, that is what India needs."
"Extradition is not going to be an easy task. His wallet is full, and he will employ
the best advocates in Europe, as Vijay Mallya has been doing. It is not easy for
India to get him back...
Even though he was caught in Antigua, he managed to get out of it as he had a
fleet of lawyers. It's not going to be so easy for the government of India, but I
hope the government succeeds this time," he added.
Choksi left India on January 2, 2018, initially travelling to the United States before
settling in Antigua. He had acquired Antiguan citizenship in 2017, prior to fleeing
the country.
In 2021, Choksi was arrested in Dominica under controversial circumstances.
While authorities alleged he was trying to flee to Cuba, his legal team claimed he
was kidnapped from Antigua. Despite India seeking his extradition, Dominica
deported him back to Antigua.
Choksi later travelled to Belgium, reportedly to receive cancer treatment, where
he has now been detained.
According to the agencies, Choksi, his company Gitanjali Gems, and others
allegedly colluded with bank officials to fraudulently obtain Letters of Undertaking
(LoUs) and enhance Foreign Letters of Credit (FLCs) without adhering to the
required procedures.
This led to substantial wrongful losses for the bank.
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