Mehul Choksi: How a diamond tycoon became a wanted fugitive. The rise and ruin of the business magnate | WION Explains

Mehul Coksi - the fugitive Indian businessman has been arrested in Belgium after India's extradition request for his role in the Punjab National Bank (PNB) fraud case of more than ₹13,0000 million ($15,11,621.76). The arrest of the diamond merchant came weeks after the reports that he was staying in Belgium with his wife. He allegedly obtained the residency in Belgium and a residency card in 2023 with the help of his wife.

The media outlet revealed that Choksi doctored his legal documents with the help of his wife, who is a citizen of Belgium, and mispresented his nationality.

But how did a businessman who inherited his father’s small jewellery business and transformed it into an empire become a wanted criminal? Here's the story.

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The beginning

Mehul Choksi was born in May 1959 in India's Mumbai. His father, Chinubhai Choksi, owned a small jewellery business named Gitanjali Jewelers, which later became the Gitanjali Groups - one of India's largest jewellery brands. Mehul Choksi expanded the brand and ended up opening as many as 4,000 retail stores across India. The brand started witnessing a booming international presence under Mehul's leadership.

Post his success, he became a familiar name when it came to mingling with celebrities and sponsoring Bollywood shows.

But things were not as good as they seemed. Behind this glamorous life, Choksi was spinning a financial web, one of the darkest frauds of India.

The great Indian bank heist

The year was 2018. India witnessed a massive shock when reports came that one of India's oldest lenders, PNB, had fallen into a fraud, as big as ₹13,500 crore (Over $15,11,621.76). Investigations revealed that Mehul Choksi, along with his nephew Nirav Modi, had siphoned off the money using fraudulently obtained Letters of Undertaking (LoUs) without proper collateral or security.

This was not an ordinary fraud that took place in a week or month. Choksi spent good 3 years (2014 - 2017) to plan and execute the fraud, bit by bit.

The escape act

Fearing a crackdown, Choksi ran from India in early 2018. It was a few weeks before the scam was unveiled. He landed in Antigua and Barbuda, secured citizenship using his best skill - fraud. In late May 2025, reports came that he was living in Belgium with his wife.

India's response

India's investigating agencies - CBI and ED - filed multiple cases against the fugitive businessman. Choksi's Indian passport was revoked. A Red Corner Notice (an alert issued at the request of a member country to locate and provisionally arrest individuals wanted for prosecution or to serve a sentence for serious crimes) was also issued against him via Interpol.

But India failed in securing his extradition. Choksi cried foul, claiming political persecution and human rights violations. But India did not call it quits.

The Dominica drama

In 2021, Choksi mysteriously vanished from Antigua and turned up in Dominica. He accused Indian agents of kidnapping him. The claim was as eyebrow-raising as it sounds.

India swiftly reacted as the country sent legal teams to Dominica to get Choksi's extradition. But the criminal escaped and returned to Antigua on medical grounds.

Breakthrough in Belgium

In one of the biggest breakthroughs of India, Choksi was arrested on Saturday (April 12) in Belgium. Living under the radar with his wife in Antwerp, he was reportedly preparing to shift to Switzerland for medical treatment when Belgian authorities detained him. This was after India's demand to extradite him.

What lies ahead?

Indian legal teams are preparing to present strong evidence to Belgian courts. Although Choksi is likely to contest his extradition, citing health and human rights, India’s documented history of legal proceedings, charge sheets, and red notices may prevail.

(With inputs from agencies)