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In a major development in the Punjab National Bank (PNB) fraud case, Indian diamond merchant Mehul Choksi has been arrested in Belgium on India’s request. He is expected to remain in a Belgian jail for at least a week while the extradition proceedings begin, reported Economic Times.
Choksi is one of the prime accused in the ₹13,850 crore PNB scam. Following his arrest, the Enforcement Directorate (ED) has intensified efforts to confiscate his overseas assets. The agency has reached out to 10 countries, including the United States, United Kingdom, Hong Kong, Singapore, Thailand, UAE, Italy, Japan, China, and Belgium, seeking to seize assets linked to Choksi and his Gitanjali Group.
Over the past few months, ED has issued 15 letters rogatory (LRs) to these countries. These formal legal requests seek access to details about Choksi’s bank accounts, companies, and other movable and immovable assets. ED is also asking foreign jurisdictions to enforce provisional orders to seize properties worth ₹85 crore under Indian law.
“The aim is to return assets to the victims of the fraud. Although the extradition process for Mehul Choksi may take time, recovering the assets should not,” an ED official told ET.
Assets Worth ₹1,968 Crore Attached So Far
So far, the ED has attached assets worth ₹1,968 crore, including 105 immovable properties across Indian states valued at over ₹1,600 crore. The seizure list also includes jewellery, diamonds, and precious metals worth approximately ₹230 crore. In addition, movable assets worth ₹598 crore were found during searches across India, the report noted.
The agency has also obtained restitution orders of ₹2,566 crore for the victims of the massive bank fraud.
Choksi Seeks Bail on Health Grounds
Choksi is expected to file for bail in Belgium citing health concerns, including his blood cancer diagnosis and ongoing radiation therapy. His legal team is also likely to highlight his “community ties” as part of the argument for release.
If Belgian authorities find India’s extradition request in line with local laws, a local court will assess the dual criminality principle and other legal conditions. If approved, the final decision on extradition will rest with Belgium’s ministerial authorities, sources informed ET.
Nirav Modi Still in UK Jail
Meanwhile, Nirav Modi, Choksi’s nephew and co-accused in the same fraud case, remains jailed in London, as India continues its extradition efforts there.
In October 2024, India had formally submitted an extradition request to Belgium, which eventually led to Choksi’s arrest over the weekend.
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