Who is Mehul Choksi? A key player in India’s PNB scam and now a global fugitive
From heading one of India’s biggest jewellery empires to facing fraud charges and fleeing the country, Mehul Choksi’s journey in the ₹2.81 billion PNB scam reveals the deep cracks in banking oversight and international extradition efforts.
From jewellery baron to international fugitive- here's a look at Mehul Choksi's role in PNB frauds (Image: News18 Creative)
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Mehul Choksi, the ex-chairman of Gitanjali Group—once among India’s top jewellery retail chains—is a central figure in the Punjab National Bank (PNB) fraud case. He is also the uncle of Nirav Modi, another prime accused in the multi-crore scam. (Image: News18 Creative)
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Uncovered in 2018, the Punjab National Bank (PNB) scam was a massive financial fraud involving jewellers Nirav Modi and Mehul Choksi. The two allegedly worked with corrupt bank officials to obtain fraudulent Letters of Undertaking (LoUs)—a form of bank guarantee used in international trade—without submitting proper documents or collateral. These forged LoUs enabled them to divert large sums from the Indian banking system. (Image: News18 Creative)
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In January 2018, Punjab National Bank lodged a complaint against Mehul Choksi, his nephew Nirav Modi, and others, accusing them of orchestrating a ₹2.81 billion fraud. Both Choksi and Modi fled the country shortly before the scam came to light. (Image: News18 Creative)
The CBI launched a formal investigation into the PNB scam in February 2018, initially arresting two PNB employees and an executive from Nirav Modi's firm. In June, Interpol issued a Red Corner Notice against Modi, and by August, India had formally requested his extradition from the UK.(Image: News18 Creative)
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Nirav Modi was arrested in London in March 2019, with his bail plea being denied. His extradition trial began in May 2020, and a year later, in May 2021, he sought permission to appeal the extradition order. Meanwhile, Mehul Choksi was detained in Dominica for illegal entry and spent 51 days in custody. He was eventually released following intervention by the British Queen’s Privy Council and returned to Antigua. (Image: News18 Creative)
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In 2023, Interpol withdrew the Red Corner Notice issued against Mehul Choksi. The following year, in 2024, Nirav Modi’s bail was denied for the seventh time. Reports suggest that Choksi and his wife relocated from Antigua to Belgium, where Indian authorities have tracked his movements and alerted local officials. (Image: News18 Creative)
