Mehul Choksi, a fugitive Indian jeweler accused in one of India’s largest bank fraud cases, has been arrested in Belgium, his lawyer confirmed Monday.
Choksi and his nephew, diamond magnate Nirav Modi, are both accused of orchestrating a $1.8 billion fraud involving Punjab National Bank, India’s second-largest state-owned lender. The two fled the country in 2018.
According to local media, the arrest followed an extradition request from Indian authorities. Choksi was detained on Saturday in Antwerp, a major global hub for diamond trading. His attorney, Vijay Aggarwal, said Choksi’s legal team plans to appeal for his release.
Both Choksi and Modi have denied any wrongdoing.
Punjab National Bank alleges the pair and their associates used forged financial documents to secure loans for purchasing and importing diamonds.
Aggarwal stated that the appeal will be based on claims that Choksi is “not a flight risk,” is seriously ill, and undergoing cancer treatment. He also argued the case is politically motivated and intends to challenge extradition by citing “inhumane” conditions in Indian prisons.
Modi, who once ran a jewelry empire with operations in India, New York, and Hong Kong, was arrested in the UK in 2019 and has remained in custody since.
