Sign In
By signing in or creating an account, you agree with Associated Broadcasting Company's Terms & Conditions and Privacy Policy.
By signing in or creating an account, you agree with Associated Broadcasting Company's Terms & Conditions and Privacy Policy.
New Delhi: Indian diamond merchant and businessman Mehul Choksi, wanted in the Rs 13,500-crore Punjab National Bank (PNB) loan fraud case, suffered a major legal setback after a Belgian Court of Appeal rejected his fresh bail petition.
Choksi, 65, was arrested by Antwerp Police on April 11 following an extradition request from the Central Bureau of Investigation (CBI). He has since been lodged in a Belgian prison for over four months. His latest plea that was filed on August 22, offered to remain under surveillance while staying at home. However, the Belgian court dismissed the request on August 26.
The rejection comes days before Choksi's crucial extradition hearing. It is scheduled for mid-September. The CBI has also roped in a European law firm to strengthen India's case for Choksi's extradition. Two open-ended arrest warrants issued by a Mumbai special court in 2018 and 2021 were submitted as a part of the extradition dossier.
According to reports, the court was persuaded by the CBI's argument that Choksi had previously fled multiple jurisdictions to evade justice and could escape again if granted bail. His earlier application before Belgium's Court of Cassation had also been turned down.
Choksi had reportedly been residing in Antwerp with his wife, Preeti Choksi, a Belgian citizen after securing an "F Residency Card" in November 2023.
Choksi and his nephew Nirav Modi are the prime accused in the massive PNB fraud of nearly Rs 14,000 crore. The duo, allegedly, in connivance with officials from PNB's Brady House branch in Mumbai, fraudulently obtained Letters of Undertaking (LoUs) and foreign letters of credit (FLCs) to secure overseas credit from foreign banks.
The Enforcement Directorate (ED) and CBI has said that Choksi laundered large sums through shell firms and dummy entities abroad. He faces charges of criminal conspiracy, cheating, breach of trust and corruption under the Indian Penal Code and the Prevention of Money Laundering Act (PMLA). He was also declared a Fugitive Economic Offender (FEO) by Indian authorities.
Nirav Modi, meanwhile has been lodged in a London jail since 2019. He is contesting extradition to India.
