Indian fugitive accused in nearly $2b bank fraud arrested in Belgium

NEW DELHI: Indian fugitive Mehul Choksi, the jeweller accused of being involved in an alleged fraud of nearly $2 billion against Punjab National Bank in 2018, has been arrested in Belgium, a source with India’s Enforcement Directorate told Reuters.

The Indian government had sent a request for Choksi’s extradition prior to his arrest, but he is likely to challenge it on medical grounds, the source added.

Thailand celebrates its New Year with water festival

Punjab National Bank (PNB), India’s second largest state-run lender by assets, had announced in 2018 that it had discovered alleged fraud worth $1.8 billion at a single branch in Mumbai.

The bank had filed a criminal complaint with India’s federal investigative agency against several entities including billionaire jeweller Nirav Modi and Choksi, his uncle and the managing director of Gitanjali Gems, saying they had defrauded PNB.