The Rise and Fall of Mehul Choksi:
A Businessman's Global Escape.
Mehul Choksi, once hailed as one of India’s most successful jewelers and the mastermind behind Gitanjali Gems, is now synonymous with one of the most high-profile banking frauds the country has ever witnessed. From living a life of luxury to becoming one of the most wanted fugitives, Choksi’s journey is a tale of ambition, deceit, and legal battles on an international scale.
In this blog, we dive deep into Choksi’s rise to success, his alleged involvement in a massive banking scam, and his dramatic escape from India. Stay with us as we unpack this gripping saga of financial fraud, international extradition, and the hunt for justice.
Who is Mehul Choksi?
Born in 1959 in India, Mehul Choksi established himself as a leading figure in the jewelry industry. He founded the Gitanjali Group, which included the renowned jewelry brand, Gitanjali Gems. Choksi’s business flourished in India and across international markets, especially in the luxury jewelry sector, where he developed connections with high-profile personalities in the entertainment and business worlds.
The success of Gitanjali Gems, along with his association with the famous jewelry brand, earned Choksi a significant reputation in the industry. But behind the glamorous facade of his businesses lay a much darker story.
The PNB Scam: India’s Largest Banking Fraud
In 2018, India was rocked by a massive banking scandal involving Choksi and his nephew Nirav Modi. The duo was accused of defrauding Punjab National Bank (PNB), one of India’s largest public sector banks, to the tune of over ₹13,500 crore.
The scam was conducted through fraudulent Letters of Undertaking (LoUs), which were issued by PNB officials in collusion with Choksi’s companies. These LoUs allowed Choksi and Modi to secure foreign loans under false pretenses, which they reportedly never repaid.
When the fraud was uncovered in early 2018, the country was shocked, and Choksi immediately became a person of interest in the investigation.
The Great Escape: Choksi Flees India
As the scale of the scam became evident, Choksi faced mounting legal challenges. However, in January 2018, just days before the story broke, Mehul Choksi fled India. He sought refuge in Antigua and Barbuda, a Caribbean nation known for offering Citizenship by Investment (CBI).
Choksi’s decision to flee to Antigua ignited public outrage in India, as it became apparent that the businessman had used legal loopholes to escape accountability. Despite his legal troubles in India, Choksi managed to secure citizenship in Antigua, distancing himself from the charges and making it more difficult for Indian authorities to extradite him.
Legal Struggles: The Fight for Extradition
Choksi’s escape didn’t mark the end of the legal proceedings. In fact, it was just the beginning of a long international battle. The Indian government moved swiftly to seek Choksi’s extradition, and Interpol issued a Red Notice for his arrest.
However, Choksi’s legal team fought vigorously against his return to India, citing health issues. Choksi claimed that he was suffering from multiple ailments, including heart and kidney problems, which he alleged required continuous medical care.
In 2021, Choksi was reportedly involved in a dramatic incident when he was detained in Dominica, a neighboring Caribbean island. According to reports, Choksi was forcibly taken from Antigua to Dominica, where he was arrested. However, he was soon granted bail, and his extradition process continued to drag on.
Recent Developments: Choksi’s Arrest in Belgium
In April 2025, Choksi’s arrest took another turn. At the request of the Indian authorities, Choksi was detained in Belgium while international extradition processes were set into motion. While Choksi's legal representatives have continued to argue his case, claiming that he should not be extradited due to his medical conditions, the tide seems to be turning in favor of justice.
The battle over Choksi’s extradition is still ongoing, and the Indian authorities remain determined to bring him back to face trial for his alleged role in the PNB scam.
What’s Next for Mehul Choksi?
As of now, Mehul Choksi remains one of the most sought-after fugitives in India. His case continues to unfold, and his future remains uncertain. With his arrest in Belgium and the continued efforts of Indian authorities, the question on everyone’s mind is whether Choksi will be returned to India to stand trial for his involvement in the massive banking scam.
Choksi’s legal team, on the other hand, is determined to delay the process as much as possible, citing health concerns and legal loopholes. It remains to be seen whether he will face the full consequences of his actions.
The Impact on India’s Financial System
The Choksi case has highlighted the deep vulnerabilities within India’s banking system, especially in relation to public sector banks. The scale of the fraud committed, involving high-profile business figures like Choksi and Nirav Modi, underscores the need for stronger financial regulations and better oversight.
It has also raised questions about the Citizenship by Investment programs that allow individuals to bypass legal accountability by purchasing a passport in a foreign country. In Choksi’s case, Antigua and Barbuda became a sanctuary for a man on the run from justice.
Conclusion: A Cautionary Tale of Greed and Deception
The saga of Mehul Choksi serves as a stark reminder of the dangers of unchecked ambition and the devastating consequences of financial fraud. From a successful businessman to a wanted fugitive, Choksi’s journey is a tale of deception, escape, and legal wrangling.
While the legal battle continues, one thing is clear: the Mehul Choksi story is far from over. It is a cautionary tale for businesspeople and governments alike, highlighting the need for stronger regulations and a more robust legal framework to prevent fraud and protect the integrity of financial systems.