Though he’s best known as an Indian jeweler accused of a breathtakingly brazen $1.8 billion bilateral bank fraud—arrested on those charges in Antwerp, Belgium. Indian authorities have been trying to catch up to him since 2018, when he fled the country. This arrest is a direct response to their extradition request. Choksi is alleged to have played a significant role in one of India’s largest banking scandals, which involved Punjab National Bank, the country’s second-largest public lender.
Choksi’s arrest would have occurred in Antwerp, a major international diamond trading center. His case has received a lot of public scrutiny due to the unprecedented fraud he is alleged to have run. Nirav Modi, with the help of his nephew, absconded from India in 2018. They are at the heart of an important case that could affect how financial rules and regulations are enforced in India.
His lawyer, Vijay Aggarwal, has already made clear that there are obvious grounds for an appeal following Choksi’s detention. The defense will argue that Choksi “is not a flight risk, is extremely sick and undergoing treatment for cancer.” This assertion only serves to underscore the seriousness with which Choksi has made his health — mental and physical — the lynchpin of his legal strategy.
His indomitable legal team is exhausting all avenues in advance of his release. They contend that Indian prisons are well known for their inhuman conditions. Choksi’s supporters contend that the case against him is politically motivated. This latest claim adds another layer of confusion and complexity to the highly fluid legal proceedings still ongoing.
Despite the high stakes and serious nature of the accusations against him, Choksi has flatly denied any wrongdoing from the start. His arrest is a huge step in a case that has drawn an unprecedented level of media and public attention in India.
