How Mehul Choksi kept giving 3 countries the slip for 7 years

Indian fugitive Mehul Choksi, the jeweller accused of being involved in an alleged fraud of nearly $2 billion against Punjab National Bank in 2018, has been arrested in Belgium, a source with India's Enforcement Directorate told Reuters.

The Indian government had sent a request for Choksi's extradition prior to his arrest, but he is likely to challenge it on medical grounds.

Here is the timeline of the events that led to the arrest of Choksi

Mehul Choksi fled India in 2018, initially travelling to the United States before settling in Antigua. A year prior, in 2017, he had acquired Antiguan nationality.

Choksi's nephew, Nirav Modi, was arrested by the Metropolitan Police in London in May 2019. Although he has exhausted all legal avenues for extradition, he continues to be under arrest in the United Kingdom.

In March 2023, Interpol revoked the red notice against Mehul Choksi. In 2024, Choksi and his wife reportedly relocated from Antigua to Belgium.

Reports from Antiguan media suggested that Mehul and Preeti Choksi are considering settling in Geneva. Earlier this year, Choksi's legal counsel informed a special court in Mumbai that he is currently in Antwerp, Belgium, undergoing treatment for blood cancer.

Two weeks ago, Mehul Choksi and his wife, Preeti, obtained F-Residency cards in Belgium. Preeti, a Belgian citizen, has family ties in the country, as does Choksi's extended family.

Meanwhile, according to sources, Choksi was arrested in Belgium on Saturday after local authorities confirmed his presence in the country. Sources further stated that preparations were being made for his extradition to India.

However, Choksi is currently preparing for a legal battle. His defence team plans to move for bail, claiming that it will oppose his extradition.

The legal team states that Choksi has strong reasons to challenge the extradition request, citing his health condition, among other arguments.

Choksi allegedly connived with his associates & Bank officials of Punjab National Bank (PNB) during the period from 2014 to 2017 and fraudulently issued Letters of Undertaking and Foreign Letters of Credit from PNB, resulting in a wrongful loss of Rs. 6097.63 Crore to PNB. He had also taken a loan from ICICI Bank and had defaulted on that loan, too.

During the investigation, the ED conducted searches at more than 136 locations all over India and seized valuables/jewellery worth Rs. 597.75 Crore pertaining to the Gitanjali Group of Mehul Choksi.

Further, immovable/movable assets worth Rs. 1968.15 Crore of Mehul Choksi/Gitanjali Group were attached, which included immovable properties in India and overseas, vehicles, bank accounts, factories, shares of listed companies, and jewellery, among others. In aggregate, assets worth Rs. 2565.90 Crore were attached or seized in this case, and three Prosecution Complaints have been filed.

With ANI inputs