The story of Mehul Choksi is about more than one singular fugitive. It underscores the vulnerabilities in India’s financial ecosystem, the loopholes exploited through global citizenship schemes, and the complex legal hurdles involved in transnational justice. His saga has also illuminated how white-collar crime—when committed on such a massive scale—leaves behind a trail of economic devastation, institutional mistrust, and public cynicism. As legal proceedings in Belgium unfold, one hopes that the wheels of justice, albeit slow, will finally bring closure to a scandal that has cost the nation dearly.
Who is Mehul Choksi?
The dramatic arc of Mehul Choksi’s life reads almost like the plot of a political thriller—one that traverses boardrooms, courtrooms, and international borders. Once regarded as a jewel of India’s booming gem industry, Choksi’s name is now synonymous with one of the largest financial frauds in the country’s history. The recent developments—his surprise detention in Belgium on 13 April 2025—signal a potential turning point in a years-long pursuit to hold him accountable.
Mumbai Multi-Millionaire: A Glittering Beginning
Choksi’s foray into the world of gemstones began in the mid-1970s, gradually rising through the ranks of his family’s business. In 1985, he assumed control of Gitanjali Gems, taking over from his father. What followed was a remarkable expansion—under his leadership, Gitanjali morphed into a jewellery giant with a sweeping presence across India, boasting thousands of outlets and a strong brand image.
At its peak, Gitanjali Gems symbolised aspirational India: luxury, success, and growth. Choksi was celebrated as a savvy entrepreneur, someone who understood the pulse of the retail jewellery market. But behind the polished exterior, storm clouds were brewing.
The PNB Scam: A Staggering Betrayal
In early 2018, a scandal erupted that would stun the nation. Mehul Choksi and his nephew, Nirav Modi, were accused of orchestrating a monumental fraud against the Punjab National Bank (PNB). At the centre of the controversy were fake Letters of Undertaking—bank guarantees—that were allegedly issued without proper authorisation, enabling the duo to siphon off an estimated ₹12,600 crore (roughly $1.8 billion).
The scale and sophistication of the fraud exposed deep fissures in India’s banking system and prompted swift investigations by the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED). Yet, by the time the news broke, Choksi had already fled the country.
A Strategic Escape and Caribbean Citizenship
Unbeknownst to many, Choksi had already acquired Antiguan citizenship in 2017 under the island nation’s Citizenship by Investment scheme—just months before the scandal surfaced. In January 2018, he quietly exited India, using his new passport to seek refuge in Antigua and Barbuda.
The acquisition of foreign citizenship effectively placed a legal shield between him and Indian law enforcement, setting off a complex international legal wrangle over extradition.
A Curious Disappearance in Dominica
Things took another bizarre turn in May 2021 when Choksi vanished from Antigua. He was soon discovered in Dominica, having allegedly entered the country illegally. He claimed he had been abducted, beaten, and forcibly taken there—a version of events that sparked intrigue, suspicion, and debate. While Choksi insisted he was the victim of a politically motivated kidnapping, many observers questioned whether the “abduction” was in fact a desperate manoeuvre to flee again, possibly to a country without an extradition treaty with India.
Dominican authorities detained him, but legal complications and health concerns prolonged his stay in the Caribbean.
Years of Evasion and Mounting Pressure
In the years that followed, Choksi remained ensconced in legal proceedings, filing numerous petitions and appeals in Antigua and elsewhere to delay or prevent his extradition. Meanwhile, Indian authorities continued to press for his return, armed with reams of evidence and growing international support. His lawyers argued on grounds of deteriorating health and human rights violations. Yet these tactics only bought time, as his reputation steadily eroded, and public sentiment turned sharply against him.
Detained in Belgium: Is it Finall Game-over for the conman?
Now, in a development that few anticipated, Mehul Choksi has been detained in Belgium. Details surrounding the circumstances remain limited, but this event could reshape the legal landscape. With Belgium’s stronger institutional framework and existing cooperation with Indian enforcement agencies, there may finally be a clear pathway to repatriation.
For Indian investigators and the wider public, Choksi’s arrest in Belgium is seen as a long-overdue victory in a saga that has dragged on for years. While it remains to be seen whether extradition proceedings will succeed this time, the fact that Choksi is no longer in the relative safe harbour of Antigua or Dominica has reignited hope for justice.
With inputs from agencies
Image Source: Multiple agencies
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