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WHO IS MEHUL CHOKSI?

Mehul Choksi

Mehul Choksi is a fugitive Indian businessman and the owner of Gitanjali Group, a retail jewellery firm with 4,000 stores in India. Choksi is currently residing in Antigua and Barbuda where he holds citizenship. Choksi, along with his nephew Nirav Modi, is wanted by Indian authorities in the Punjab National Bank (PNB) scam where it is alleged that the Choksi-Modi duo defrauded the bank of more than Rs 14,000 crore. An arrest warrant has been issued against Choksi and he is wanted in India for criminal conspiracy, criminal breach of trust, cheating and dishonesty including delivery of property, corruption, and money laundering.

Early life

Choksi was born in Mumbai on May 5, 1959. He went to G D Modi College in Palanpur, Gujarat. He has a son and two daughters. One of his daughters is married to Akash Mehta, an Antwerp-based diamond merchant. He is the maternal uncle of Nirav Modi. Choksi’s younger brother Chetan Chinubhai Choksi owned a diamond company named Diminco NV, which is based in Antwerp. The company defaulted on a $25.8 million to a subsidiary of ICICI Bank.

Choksi started his career in the gem and jewellery business in 1975 and took over the leadership of Gitanjali Gems from his father Chinubhai Choksi in 1985. At that time, the firm was focused on rough and polished diamonds.

PNB scam

A special PMLA court in March 2018 issued non-bailable arrest warrants against Choksi and his nephews Nirav Modi and Neeshal Modi. They allegedly colluded with the PNB Bank officials to defraud the bank of over Rs 14,000 crore. The scam is said to be the biggest in India’s banking history. PNB Bank officials at the Brady House branch in Fort, Mumbai issued fake Letters of Undertaking (LoUs). The LoUs were opened in favour of branches of Indian banks for the import of pearls for a period of one year, for which Reserve Bank of India (RBI) guidelines lay out a total time period of 90 days from the date of shipment.

The guidelines were ignored by overseas branches of Indian banks. They failed to share any document/information with PNB, which was made available to them by the firms at the time of availing credit from them.

When did Mehul Choksi leave India?

Choksi fled the country in January 2018 to Antigua and Barbuda, few days before the PNB scam was uncovered.

Investigating agencies have registered several cases against him and have attached several thousand crores worth of properties till now. Government authorities are trying to get him extradited to India.

What is extradition?

The extradition process enables governments to bring fugitives who have fled their country to justice. It typically is enabled by a bilateral or multilateral treaty. Some states will extradite without a treaty, but those cases are rare.

Where is Mehul Choksi right now?

Mehul Choksi is currently in Dominica. In May-end, 2021, Choksi went missing from Antigua and Barbuda. He was reportedly captured in Dominica while he was trying to flee to Cuba in a boat. A Caribbean court stayed his repatriation from the Dominican Republic.

LATEST UPDATES ON MEHUL CHOKSI

Choksi bribed Antigua officials to avoid extradition, finds investigation
Choksi has been scheming to illegally extend the court process in Antigua, by paying bribes to government officials: Kenneth ...| January 13, 2023, Friday
Top 50 wilful defaulters in India owe Rs 92,570 crore to banks: MoS Karad
Karad also said that in the last five years, the banks in India have written off loans worth Rs 10.1 trillion| December 20, 2022, Tuesday
CBI files 3 fresh FIRs against Mehul Choksi in over Rs 6,700-cr fraud case
Three fresh FIRs have been filed by the CBI against absconding diamantaire Mehul Choksi on the basis of a complaint from the ...| December 17, 2022, Saturday
Sebi bans Mehul Choksi from securities market for 10 years, fines Rs 5 cr
Choksi is already facing Income Tax department and ED action| October 31, 2022, Monday
Wilful loan defaults grow 10 times since 2012 to Rs 2.4 trn: Report
These defaulters have the capacity to repay their loans but choose not to do so, says a report| July 20, 2022, Wednesday
Fresh CBI FIR against Mehul Choksi in Canara Bank fraud of Rs 55.27 crore
The CBI has filed a fresh FIR against fugitive diamantaire Mehul Choksi for allegedly cheating a Canara Bank-led consortium to ...| July 14, 2022, Thursday
List of fugitive economic offenders in India does not end with Vijay Mallya
In reply to Lok Sabha in 2020, SP Shukla said 72 Indians charged with financial irregularities have been living abroad. The list ...| July 11, 2022, Monday
ED names Choksi's wife as beneficiary of scam, files additional complaint
ED has filed a supplementary Prevention of Money Laundering Act (PMLA) complaint against fugitive diamantaire Mehul Choksi and ...| June 07, 2022, Tuesday
PNB fraud: ED files chargesheet against Mehul Choksi's wife, others
ED said that Priti was hand-in-glove with husband Mehul Choksi in getting companies incorporated for him for laundering and ...| June 06, 2022, Monday
Dominica drops illegal entry charges against PNB scam accused Mehul Choksi
All the proceedings against Choksi of illegal entry into Dominica were dropped on May 20, the spokesperson said.| May 22, 2022, Sunday