Authorities move forward in long-running investigation into one of India’s largest financial frauds
A prominent Indian business, Mehul Choksi, figure known for his expansive jewelry empire has been taken into custody in Belgium, following a formal request from Indian authorities for his extradition. The arrest, which took place over the weekend, marks a significant development in a multi-year international case linked to a massive financial scandal.
The businessman, who left India several years ago, is wanted in connection with an alleged scheme to defraud a major Indian bank of nearly $1.8 billion. His legal team has confirmed the arrest and is preparing to challenge the detention as well as the extradition proceedings.
According to legal representatives, the defense will argue that the arrest is politically influenced, and that the accused is in no condition to be held in custody due to ongoing medical treatment for serious health concerns. The legal team plans to present arguments that question both the strength of the evidence and the fairness of a potential trial in India.
The arrest is reportedly linked to warrants issued several years ago by Indian courts. Despite the time that has passed, the enforcement action only now appears to have gained traction internationally.
The accused and his relative—both once considered elite figures in the global luxury jewelry market—are at the center of one of the country’s most significant financial fraud cases. The allegations involve the misuse of banking instruments and insider collaboration to secure unauthorized overseas payments under the guise of trade financing.
Investigators claim that the funds, obtained through false documentation and cooperation with bank employees, were diverted and funneled into private ventures and offshore holdings. Both individuals have consistently denied wrongdoing.
After leaving India, the businessman is believed to have moved across several jurisdictions, acquiring new citizenship and attempting to avoid extradition. Previous attempts to detain him were made in other nations, but the latest arrest may represent a turning point in the effort to bring him back to face charges.
The case has long been viewed as a test of international cooperation in white-collar crime enforcement. Observers are closely watching the unfolding legal battle to see whether financial fugitives can be successfully repatriated—and whether any of the allegedly siphoned funds can be recovered.
The legal process in Belgium is expected to take months, with appeals and procedural delays likely. However, this latest development signals renewed momentum in holding high-profile economic offenders accountable, even years after the original scandal broke.
