Mehul Choksi Arrested in Belgium in Rs13,500 Crore PNB Fraud Case
Moneylife Digital Team 14 April 2025
Fugitive diamantaire Mehul Choksi has been arrested in Belgium in Rs13,500 crore Punjab National Bank (PNB) fraud case. 
 
This development that comes weeks after media reports confirmed that the businessman is living in Belgium's Antwerp with his wife after obtaining a 'residency card' there. Indian agencies, including the directorate of enforcement (ED) and the central bureau of investigation (CBI), moved for his extradition from Belgium.
  
The fugitive diamantaire is wanted in connection with the PNB fraud case. In November 2023, he was granted residency in Belgium. 
 
Mr Choksi, wanted in India for his alleged involvement in the Rs13,500-crore bank loan fraud case, was previously residing in Antigua and Barbuda before relocating to Belgium.
 
In December 2024, a special Prevention of Money Laundering Act (PMLA) court in Mumbai allowed the monetisation of properties worth Rs2,565.90 crore attached or seized by the ED in Mr Choksi's PNB fraud case. 
 
"In pursuance to the order, the process of handing over of assets has been initiated and properties worth more than Rs125 crore have been handed over to the liquidator of Gitanjali Gems Ltd. The handed-over properties include flats situated at Mumbai and two factories and godowns situated at SEEPZ in Mumbai. Restitution of rest of the properties is also in progress," ED says in a release. 
 
Investigation under PMLA in the case of Mr Choksi revealed that he conspired with his associates and officials of PNB from 2014 to 2017 and fraudulently got issued letters of undertaking (LoU) and foreign letters of credit, resulting in wrongful loss of Rs6,097.63 crore to PNB. He had also taken a loan from ICICI Bank and defaulted on that loan.
 
During the investigation, ED conducted searches at more than 136 locations all over India and seized valuables and jewellery worth Rs597.75 crore pertaining to the Gitanjali group of Mehul Choksi. Further, ED says immovable and movable assets worth Rs1,968.15 crore of Mehul Choksi and Gitanjali group were attached which included immovable properties in India and overseas, vehicles, bank accounts, factory, shares of listed companies, jewellery, among others. In aggregate, assets worth Rs2,565.90 crore were attached or seized in this case and the agency has filed three prosecution complaints. (Read: Special PMLA Court Allows Monetisation of Mehul Choksi's Properties Worth Rs2,565.90 Crore
Comments
gopalakrishnan.tv
6 days ago
It is unfortunate that depositors hard earned money deposited in banks at negative rate of return (no real rate of interest ) has been freely looted by fraudsters and bad borrowers and they are able to fight legally at any cost with looted money . Depositors and other stake holders of the banks and the economy suffer and bear the loss without any moral and other dependable support from the authorities . Poverty and illiteracy make the people starve and save some money in banks and the well off and highly literate people use their intelligence , contacts and exploit the systems weaknesses including the corrupt practices and judiciary system and loot the depositors and tax payers money without any sort of protest and even sympathy from any one . The situation is pathetic to say the least . What is sanatan Dharma needs to be explained to the suffering depositors and tax payers in the background of such open loots , escapades , economic consequences and what not ?
Nahom
6 days ago
Last time he was arrested and freed. Also this time sure bail and subsequent extradition denial by European Court. CBI wtll perform admirably as always in high profile cases.
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