From Antigua to Antwerp, diamond tycoon Mehul Choksi’s run from law has finally come to an end. Following Choksi being named as one of the primary accused in the multi-crore Punjab National Bank (PNB) fraud case, he fled India in 2018 to the US and then to Antigua, where he acquired citizenship. Seven years later, in 2025, he was arrested in Belgium.
Apprehending Choksi came after persistent efforts by Indian authorities, including the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) after non-bailable warrants were issued by Mumbai courts.
However, Choksi’s legal team looks to contest extradition, according to agencies, citing health issues.
In 2019, Choksi’s nephew, Nirav Modi, was arrested in London. He is still in a London jail, where he recently exhausted all appeals against his extradition to India.
Between March and April 2017, PNB’s Brady House branch in Mumbai allegedly issued 165 Letters of Undertaking (LoUs) and 58 Foreign Letters of Credit (FLCs) to Choksi’s companies, which led to 311 bills being discounted. These were issued without sanctioned limits, cash margins, or entries in PNB’s banking system in a bid to circumvent further scrutiny.
By January 2018, PNB reported the fraud to the Reserve Bank of India (RBI) and filed a criminal complaint with the CBI. Another report was filed weeks later in February. Days after that authorities registered an FIR against the Nirav Modi Group, Gitanjali Group, and Chandri Paper & Allied Products Pvt Ltd, among other entities, with the ED looking into possible money laundering.
PNB-issued LoU created major losses for the bank after funds were advanced by overseas banks in Mauritius, Hong Kong, Antwerp, Manama, and Frankfurt, based on these letters. When Choksi’s firms defaulted, PNB had to choke up ₹6,344.97 crore (almost $965.18 million), including overdue interest, to the foreign lenders.
Despite being termed as a financial offender, in March 2023, Interpol cancelled the red notice against Choksi. A year later, Choksi and his wife were said to have moved from Antigua to Belgium.
Earlier this year, Antiguan media reported that the couple were looking to Geneva. However, Choksi’s legal team informed a Mumbai court that he was in Antwerp, Belgium, to receive treatment for blood cancer.
After Choksi and his wife reportedly obtained F-Residency cards in Belgium, India stepped up extradition efforts, leading to him being detained in a hospital there during treatment.
