Mehul Choksi, the diamond businessman accused in the Punjab National Bank (PNB) fraud case, has been apprehended by Belgian authorities, according to Central Bureau of Investigation (CBI) sources. The 65-year-old was taken into custody on Saturday and remains behind bars.

Officials referred to two outstanding arrest warrants from a Mumbai court, dated May 23, 2018, and June 15, 2021, at the time of his detention, as reported by The Economic Times. Choksi is anticipated to file for bail, likely citing health concerns among other grounds.

Choksi, along with his nephew Nirav Modi—who is currently facing extradition proceedings in the UK—is under investigation by the CBI and the Enforcement Directorate (ED) for allegedly orchestrating a massive financial scam involving over ₹13,500 crore in 2018.

The fraud came to light when PNB, India’s second-largest public sector bank, lodged a criminal complaint naming Choksi, Modi, and the then-managing director of Gitanjali Gems. The accused are believed to have misused Letters of Undertaking (LoUs) and Foreign Letters of Credit (FLCs), obtained by bribing officials at the bank’s Brady House branch in Mumbai.

Both Choksi and Modi left India in January 2018, just ahead of the scam becoming public.

Just last month, Belgium’s foreign ministry acknowledged to NDTV that Choksi was residing in the country. While the ministry declined to provide case-specific details, it emphasized that the matter was being treated with significant attention.

Choksi is believed to be living in Antwerp with his wife Preeti, who holds Belgian citizenship. He reportedly obtained a residency permit there. Although he is a citizen of Antigua and Barbuda, Choksi had left the Caribbean nation under the pretext of seeking cancer treatment and was allegedly preparing to relocate to Switzerland.

Back in 2021, he had vanished from Antigua and was later discovered in Dominica, another Caribbean country.

In a December 2024 parliamentary session, Finance Minister Nirmala Sitharaman revealed that assets worth ₹2,565.90 crore linked to economic offenders, including Choksi, had been recovered or liquidated to compensate lenders.