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A court in Belgium has rejected the bail plea of fugitive Mehul Choksi, a key accused in the Rs 13,500 crore Punjab National Bank loan fraud case.
A Belgian court on Tuesday rejected the bail plea of fugitive diamantaire Mehul Choksi, a key accused in the Rs 13,500 crore Punjab National Bank (PNB) loan fraud case. The decision came after a three-judge bench heard arguments related to his arrest and potential extradition to India.
Choksi was arrested in Antwerp, Belgium last week following a formal request from the Indian government. The Ministry of External Affairs confirmed that New Delhi is working "closely" with Belgian authorities to expedite his extradition.
“Based on our extradition request, he was arrested. We are working closely with the Belgian side on his extradition so that he can face trial in the country,” MEA spokesperson Randhir Jaiswal said on Thursday.
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Choksi, along with his nephew Nirav Modi, is accused of orchestrating one of India’s biggest banking scams. The two allegedly defrauded the state-run PNB of ₹13,500 crore by obtaining fraudulent Letters of Undertaking (LoUs) and Foreign Letters of Credit (FLCs) in collusion with bank officials.
The Central Bureau of Investigation (CBI) has filed at least two chargesheets against Choksi, while the Enforcement Directorate (ED) has submitted three prosecution complaints in connection with the case.
While Nirav Modi remains lodged in a London jail and continues to fight extradition to India, Choksi had been residing in Antigua since acquiring citizenship there in 2017. In May 2021, he briefly went missing from the Caribbean island before being traced and returned.
