Indian jeweler arrested in Belgium for $1.8 billion fraud

Fugitive Indian jeweler Mehul Choksi was arrested in Belgium seven years after details of his involvement in one of the largest banking fraud schemes in Indian history became known, with damage estimated at $1.8 billion. This was reported by the Reuters news agency on April 14.

The Indian government sent a request for Choksi's extradition, but, according to the agency, the jeweler's lawyer announced his intention to appeal his client's release, citing the man's health problems and cancer treatment.

In 2018, India's second largest state-owned bank, Punjab National Bank (PNB), announced the discovery of alleged fraud worth $1.8 billion at one of its branches in Mumbai. The bank has filed an application with the Indian Bureau of Investigation, pointing to local billionaire jeweler Nirava Modi and his uncle Choksi, managing director of Gitanjali Gems.

Later, the Indian police charged Choksi, Modi and some others with fraud.

Modi fled India even before the details of his involvement in the fraudulent scheme became known. He was arrested in the UK in 2019 and has remained in custody ever since.

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