₹13,850 Crore Fraud Case
Choksi, along with his nephew Nirav Modi, is wanted by the CBI and the Enforcement Directorate (ED) (ED)) in connection with a ₹13,850 crore fraud against PNB. Both allegedly misused Letters of Undertaking (LoU) and Foreign Loan Contracts (FLC) by allegedly bribing officials at the bank’s Brady House branch in Mumbai. This is the biggest loan scam in India’s banking history.
Choksi and Nirav Modi Fled India
Weeks before the scam became public, in January 2018, Choksi and Nirav Modi fled India. Nirav Modi is currently in a London jail, with extradition proceedings ongoing, while Choksi had earlier acquired citizenship of Antigua and Barbuda and resided there. He mysteriously disappeared from Antigua in 2021 but was later apprehended in Dominica.
May Seek Bail Citing Poor Health
The Belgian Foreign Ministry recently confirmed Choksi’s presence and that the matter is being treated with importance and attention. Reports suggest Choksi obtained a Belgian residence card and was living in Antwerp with his wife, Priti Choksi, a Belgian citizen. It is expected that Choksi may seek bail and release from a Belgian court, citing poor health and other reasons.
Choksi’s Arrest a Major Success for India
Meanwhile, the arrest is being seen as a major success for the Indian government and investigating agencies. In December 2024, Finance Minister Nirmala Sitharaman informed Parliament that assets worth ₹22,280 crore related to wanted individuals like Mehul Choksi had been seized or auctioned to recover the loan. All eyes are now on whether the Belgian government will act on India’s extradition request and whether Choksi can be brought back to India soon.
