Our desk and agencies
In a significant advance in RS 13,000 million rupees, loan fraud of the Punjab National Bank, the Belgian police arrested Diamantaire Mehul Choksi.
The sentence was made on the basic application of an extradition application made by the Central Investigation Office and the Compliance Directorate, the PTI news agency reported.
Choksi, who has bones at the exit for seven years, obtained the citizenship or ancient Caribbean nation in 2019. He arrived in Belgium a few months ago to receive medical treatment.
Chaksi’s lawyer, Vijay Agawal, said his client was in custody of the Belgian police on Saturday.
“At this time, he is in prison and there (Belgium), the procedure is not to request bail, but to present an appeal. Duration of that appeal, the application is not maintained in detention and should be allowed to defend and oppose”, “Reporters.
He said that the “obvious” reasons for appeal would be that Choksi “is not a risk of escape, it is extremely ill and undergoes treatment for cancer.”
Fraud Lous
Chaksi looked at the family diamond business and made it a family name with its Guitanjali Gems brand. Chaksi and his nephew Nirav Modi, who is a coacked in the case, have a bone of using compromise letters to ensure credit abroad for their diamond business. According to the complaint of the National Punjab Bank, the Lous were issued fraudulently and in violation of the guidelines of the Bank of the Reserve of India and were used to obtain credit for ghost companies.
The scam had been happening since 2011 and came to light when PNB executives demanded full margin money for issuing a new Lous. A red flag was raised and an investigation began after Choksi and Modi companies informed the banks to ensure LOCS without guarantee.
A case was recorded against Choksi in February 2018 and charges.
Subsequently, in 2022, five more criminal cases were presented against Choksi and others to deceive banks and other financial institutions. ED has also attached assets worth 2500 million rupees as part of its probe against Choksi.
Modi has been in a jail in the United Kingdom since 2019 his bail requests repeatedly rejected by the courts. The Indian government has been pressing for its extradition, raising it with the highest levels in the United Kingdom government.
Posted on April 14, 2025