Indian Fugitive Mehul Choksi Arrested in Belgium Over $2 Billion Bank Fraud

Mehul Choksi, the Indian jeweller accused of defrauding Punjab National Bank of nearly $2 billion in 2018, has been arrested in Belgium, according to India's Enforcement Directorate. The Indian government had already sent an extradition request, but Choksi may contest it citing medical grounds. Choksi and his nephew, Nirav Modi, were key figures in the alleged fraud, which involved the misuse of letters of undertaking at a Mumbai branch.

The arrest marks a significant development in India's efforts to bring high-profile economic offenders to justice.