Fugitive Jeweler Sought in Massive Fraud Is Arrested

A fugitive jeweler from India has been arrested in Belgium, bringing renewed attention to a scandal that rocked the nation's financial sector seven years ago and led to an international manhunt. Mehul Choksi, 65, is accused of taking part in a a $1.8 billion fraud involving the state-run Punjab National Bank, reports the AP. Choksi fled India in 2018 and has been living in the Caribbean and in Belgium since then, per the New York Times. His nephew, Nirav Modo, also is accused in the alleged fraud and has been in custody since his arrest in 2019 in the UK. He continues to fight extradition to India.

The pair are accused of using fake financial documents to obtain loans for buying and importing jewels, which led to huge losses at the bank, per Reuters. Choksi was detained in Antwerp, a major diamond trading hub, on Saturday. His lawyer, Vijay Aggarwal, plans to appeal for his release on the grounds that Choksi is "not a flight risk, is extremely sick, and (is) undergoing treatment for cancer." Choksi's arrest followed an extradition request from Indian authorities. The long fight to bring the men back to India to face charges has "captivated the Indian public," per the Times. (This content was created with the help of AI. Read our AI policy.)