Mehul Choksi, once a renowned figure in India’s diamond industry, is now globally recognized for his involvement in one of the country’s most high-profile financial frauds. His story—from being a luxury jeweler to a wanted fugitive—has captivated the attention of international media and law enforcement agencies alike. This article explores Mehul Choksi’s net worth, his family background, his mysterious escape from India, his recent whereabouts in Belgium, and ongoing developments in the Mehul Choksi case.
Who Is Mehul Choksi?
Choksi is an Indian businessman and the former chairman of Gitanjali Group, a once-thriving jewelry company with a massive retail footprint across India. The Mehul Choksi company was behind several popular jewelry brands like Nakshatra, Gili, and Asmi. Known for his marketing acumen and industry experience, Choksi once commanded immense influence in India’s gem and jewelry export market.
Mehul Choksi Net Worth: From Billionaire to Fugitive
Before being implicated in the Punjab National Bank (PNB) fraud, Choksi’s net worth was estimated to be over ₹5,500 crore (approximately $700 million). He owned real estate across India, the United Arab Emirates, the Caribbean, and Europe. However, following the 2018 revelations of fraud, his wealth has been severely impacted due to asset seizures and ongoing legal proceedings.
The Mehul Choksi Case: A ₹13,500 Crore Scam
The Mehul Choksi case broke out in early 2018 when authorities uncovered a massive banking fraud involving Punjab National Bank (PNB). Alongside his nephew Nirav Modi, Choksi was accused of defrauding the bank of ₹13,500 crore through fraudulent Letters of Undertaking (LoUs) that helped secure unauthorized foreign credit.
Indian enforcement agencies such as the CBI and Enforcement Directorate (ED) filed multiple chargesheets, seized assets, and initiated extradition proceedings against both individuals. The scam shook India’s financial system and led to greater scrutiny of bank governance.
How Are Mehul Choksi and Nirav Modi Related?
Many ask: How are Mehul Choksi and Nirav Modi related? Nirav Modi is Mehul Choksi’s nephew, and the two worked together in the diamond business. While Choksi focused on the Indian market through Gitanjali Group, Modi built an international luxury jewelry brand. Their collective empire was linked by business interests, and eventually, by fraud investigations.
How Did Mehul Choksi Leave India?
How did Mehul Choksi leave India? Choksi fled India in January 2018, days before the scam was officially exposed. He had already secured Antiguan citizenship in 2017 under their Citizenship by Investment program, raising questions about the timing and legitimacy of his move.
Choksi claimed he left India for medical treatment and not to evade arrest. However, Indian authorities argue he fled intentionally to avoid facing prosecution.
Mehul Choksi News: Confirmed in Belgium
In a major recent development, Mehul has been located in Belgium, specifically Antwerp, where he is reportedly undergoing medical treatment for a suspected cancer condition. His lawyer confirmed this information before a special Prevention of Money Laundering Act (PMLA) court in Mumbai.
According to credible reports (NDTV, Hindustan Times, Economic Times), Choksi is staying in Belgium with his wife, Preeti Choksi, who is a Belgian citizen. He allegedly obtained an F Residency Card in Belgium, possibly through misrepresentation of documents, which has now drawn scrutiny from Belgian authorities.
The Belgian government has acknowledged Choksi’s presence and stated that they are closely following the case, though no formal arrest has been confirmed. Indian agencies have initiated extradition procedures, but Belgium’s lack of a formal extradition treaty with India may complicate the process.
Choksi’s previous attempt to flee Antigua in 2021, during which he was found in Dominica, ended with the charges being dropped. Now, his stay in Belgium adds another layer to this international legal saga.
Mehul Choksi Wife and Daughter
Mehul Choksi’s wife, Preeti Choksi, has largely remained away from public attention. She is reported to be a Belgian citizen and currently lives with Choksi in Belgium. There is no direct involvement of hers in the ongoing legal cases.
Mehul Choksi’s daughter, Priyanka Choksi, has also stayed out of the spotlight. Reports suggest she lives abroad and maintains minimal contact with the media.
Where Is Mehul Choksi Now?
As of 2025, Choksi is in Antwerp, Belgium, receiving medical treatment. His legal team maintains that his health conditions should be considered before any extradition is pursued. Indian authorities, however, are moving forward with their extradition request, despite the absence of a formal treaty between India and Belgium.
Choksi’s movements are being closely monitored, and the Indian government has not ruled out any diplomatic channels to bring him back to India to face trial in the PNB fraud case.
Conclusion
The saga of Mehul Choksi is a remarkable tale of wealth, fraud, and international law. From the heights of business success to being pursued across continents, Choksi’s story remains a cautionary tale for India’s corporate and banking systems.
His current location in Belgium, along with the complexities of international extradition, means the case is far from closed. As Mehul Choksi news continues to develop, Indian authorities remain committed to bringing the fugitive billionaire back to face justice.
Read more: Tahawwur Rana Extradited to India: Unveiling His Role in the 26/11 Mumbai Terror Attacks
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