Choksi, who was arrested in Belgium last week following a request from Indian authorities, remains in custody in Antwerp.
A Belgian court has denied bail to Mehul Choksi, the Indian fugitive businessman accused in the massive Punjab National Bank (PNB) loan fraud case, marking a critical moment in India’s long-standing efforts to bring him back to face justice.
The three-judge panel delivered the verdict after hearing detailed arguments in Dutch. Choksi, who was arrested in Belgium last week following a request from Indian authorities, remains in custody in Antwerp. His arrest came after years of dodging Indian investigators through a trail that took him from India to the Caribbean and now to Europe.
Choksi’s legal counsel, Vijay Aggarwal, confirmed the court’s decision and acknowledged the challenges ahead. “Unfortunately, my client has been denied bail today. However, Belgian law allows for multiple bail applications. We will carefully examine the court’s observations and prepare a new application based on fresh grounds,” Aggarwal told ANI outside the courthouse.
The defence has maintained that Choksi’s extradition should be resisted on two main grounds—first, that the case against him is politically motivated, and second, that his fragile medical condition could put his life at risk if sent back to India. Aggarwal reiterated that his client has previously offered to cooperate with Indian authorities via video link due to his health.
This legal drama is the latest twist in a saga that began in early 2018, when the PNB fraud case shook India’s banking system. Choksi, along with his nephew Nirav Modi and other family members, is accused of orchestrating a fraudulent scheme involving fake letters of undertaking issued by corrupt PNB employees. The scandal is estimated to have cost the bank over Rs 13,500 crore ($1.8 billion), making it one of India’s largest banking frauds in history.
Choksi, who once ran the sprawling Gitanjali Group jewellery empire with over 4,000 stores across India, fled the country in January 2018, days before the scandal came to light. He later acquired citizenship in Antigua and Barbuda through its Citizenship by Investment Programme. Despite repeated efforts by Indian authorities, extradition from Antigua proved difficult due to legal and procedural hurdles, including claims by Choksi that he had been kidnapped by Indian agents in 2021.
Interpol had issued a Red Notice against him in December 2018, though it was withdrawn in 2023. Investigations by Indian and international media have suggested that Choksi used political influence and legal loopholes to stall proceedings and extend his stay abroad.
Belgian authorities confirmed on 14 April 2025 that they had taken Choksi into custody near his residence in Antwerp. Sources close to the investigation say he had travelled to Belgium to seek advanced medical treatment, reportedly for cancer.
Meanwhile, Indian agencies have continued to pursue Choksi’s assets. In 2018, the Enforcement Directorate (ED) provisionally attached 41 properties linked to him and his companies, including luxury flats, offices, a farmhouse, a shopping mall, and over 230 acres of land across Maharashtra and Tamil Nadu, under the Prevention of Money Laundering Act (PMLA). These were valued at over Rs 1,200 crore.
The court’s decision in Belgium comes amid renewed efforts by the Indian government to fast-track high-profile extraditions. Officials say they are confident that the recent arrest could serve as a turning point, especially with Belgian cooperation now visible.
Indian authorities are now preparing to submit a formal extradition request, armed with years of investigation files, legal documents, and diplomatic backing.
Choksi, who continues to protest his innocence, had earlier told the Bombay High Court that he had only travelled abroad for medical reasons. However, Indian investigators have countered these claims with a growing body of evidence, including financial records, internal communications, and testimony from arrested associates.
As the legal battle shifts to the Belgian courts, Indian authorities hope the case will mark a significant milestone in the broader fight against financial fugitives who have taken shelter abroad.
