Mehul Choksi and his nephew, Nirav Modi, who is awaiting extradition from London, are wanted for allegedly defrauding the Punjab National Bank of Rs 13,850 crore.
New Delhi:Fugitive diamond trader Mehul Choksi, wanted in connection with the Punjab National Bank (PNB) loan fraud case, has been arrested by the police in Belgium, sources in the Central Bureau of Investigation (CBI) confirmed this morning. The 65-year-old was reportedly arrested on Saturday and is currently in jail.
The police referred to two open-ended arrest warrants issued against Choksi by a Mumbai court while placing him under arrest, Economic Times reported. These were dated May 23, 2018, and June 15, 2021.
He is expected to seek bail and an immediate release, citing ill health and other reasons.
Choksi and his nephew, Nirav Modi, who is awaiting extradition from London, are wanted by the CBI and the Enforcement Directorate (ED) for allegedly defrauding the PNB of Rs 13,850 crore.
They allegedly used letters of undertaking (LoUs) and foreign letters of credit (FLCs) by bribing officials of the bank's Brady House branch in Mumbai.
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