Fugitive diamond merchant Mehul Choksi, wanted in connection with one of India’s largest banking frauds, has once again come into the spotlight as his legal team moves to appeal for his release, citing serious health issues and ongoing cancer treatment.
Choksi, the former managing director of Gitanjali Gems, and his nephew, billionaire jeweller Nirav Modi, are accused of orchestrating a massive financial scam involving the Punjab National Bank (PNB).
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The alleged fraud, estimated to be worth billions of rupees, was uncovered in 2018 and is said to have originated from a single Mumbai branch of PNB—India’s second-largest state-owned lender.
Following a criminal complaint by the bank, India’s federal investigative agencies charged Choksi, Nirav Modi, and others with fraud, criminal conspiracy, and breach of trust. Both businessmen have consistently denied any wrongdoing.
In a statement Choksi’s lawyer Vijay Aggarwal confirmed that an appeal would be filed for his client’s release on humanitarian grounds. He further emphasized that Choksi has not committed any criminal offence in Belgium, where he is currently located.
Choksi had earlier expressed concerns regarding the fairness of the investigation. In a 2018 letter, he claimed that the authorities were acting with “pre-determined minds” and were “interfering with the course of justice.”
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The case took a global turn when Nirav Modi fled India in early 2018, shortly before the scam came to light. He was later arrested in the United Kingdom in 2019, where he continues to remain in custody as extradition proceedings unfold.
Both Modi and Choksi have longstanding ties to Belgium’s diamond industry. Nirav Modi grew up in Antwerp—one of the world’s leading diamond polishing hubs—while Choksi had been a frequent visitor to the city even before the scandal surfaced.
Mumbai-based diamond traders suggest that Antwerp, with its established Indian business connections and familiar networks, may have offered a strategic refuge for Choksi.