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In a breakthrough in the multi-billion-dollar Punjab National Bank (PNB) fraud case, fugitive businessman Mehul Choksi was arrested in Belgium following the leak of a confidential document that allegedly exposed his verified address and legal status in the country, a report published by a US publication claimed on Tuesday.
The document, originally obtained by Associates Times from Choksi’s UK-based lawyer last year, “detailed his residential information in Belgium” and was reportedly shared with Indian and Belgian authorities at the time, though “not made public due to the sensitive nature of the case”.
“In order to bring an action, the document was shared directly with the concerned authorities,” Associates Times said in its latest report, adding that it subsequently led to Indian officials engaging in discussions with their Belgian counterparts. According to the report, the move laid the groundwork for Choksi’s extradition to India, where he faces charges linked to billion-dollar banking fraud — one of the largest in the country’s banking history.
The 65-year-old fugitive diamond merchant who fled India on January 2, 2018, is wanted by the CBI and the Enforcement Directorate (ED) for allegedly defrauding the Punjab National Bank (PNB) of Rs 13,850 crore. His nephew, Nirav Modi, was also involved in the fraud.
Choksi allegedly connived with his associates and other PNB officials from 2014 to 2017 and fraudulently obtained Letters of Undertaking and Foreign Letters of Credit from PNB, resulting in a wrongful loss of Rs. 6097.63 crore to PNB.
He initially took refuge in Antigua and Barbuda, obtaining citizenship through its Citizenship by Investment (CBI) programme, reports suggest.
Now, the release of the original leaked document by Associates Times has not only triggered a broader inquiry into Choksi’s activities in Belgium but also exposed potential fraudulent claims in his residency application, the report said, adding that Choksi secured an “F Residency Card” in Belgium on November 15, 2023 — a development allegedly facilitated by his wife, who holds Belgian citizenship.
The Belgian Federal Public Service of Justice on Monday confirmed that Choksi was arrested on April 12 and is currently being held in detention. It further said that India has also introduced the request for his extradition. “The Belgian federal public service of Justice can confirm that Mr. Mehul Choksi was arrested on Saturday 12th of April 2025. He is being detained in anticipation of further judicial proceedings. Access to his legal counsel has been assured,” the Belgian Federal Public Service of Justice told ANI.
According to reports, Choksi, who had initially arrived in Belgium for medical treatment, is suspected to have submitted fraudulent documents to obtain the country’s residency card, as part of his tactics to avoid extradition.
After evading legal proceedings in his home country by fleeing to Antigua, Choksi is believed to have repeated similar strategies in Belgium to stall the process and evade justice.
“Sources also revealed that he used the same tactics in Belgium to further delay his legal proceedings in India and manipulate evidence against him,” Associates Times reported, adding, “The development of securing citizenship in Belgium also raised serious concerns about his criminal activities in different countries.”
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