Indian banking sector Mehul Choksi, the main accused in the biggest scam, has been arrested in Belgium. Mehul Choksi together framed a loan of Rs 13,500 crore with Punjab National Bank and escaped leaving India. The entire fraud included Mehul Choksi along with his nephew Nirav Modi. Indian agencies had recently discovered the location of Choksi, after which he was arrested on 12 April. Let us tell you that Mehul has been arrested on the request of the Indian investigating agency CBI and he is still in jail. Now the Government of India will try its best to extradite Mehul Choksi.
The case was revealed in 2018
This fraud of Mehul Choksi and Nirav Modi emerged in 2018 about 7 years ago. After which both the accused left India and fled. Mehul has also been in Antigua and Barbados after escaping from India. After which he had been living in Belgium for a long time. PNB’s Brady House Branch had registered a case of loan fraud on Mehul Choksi, Nirav Modi and his family members and employees as well as bank officials and others. The agencies investigating the case had alleged that Choksi, her firm Geetanjali James and some others connivated with some bank officials and issued a letter of undertaking and obtained a foreign loan letter (Foreign Letters of Credit) without following the fixed process.
Property worth more than Rs 2500 crore seized
In this case, a special court in Mumbai allowed the auction of 13 properties of Mehul Choksi company Geetanjali James Limited in February. The Enforcement Directorate (ED) said in December last year that it had started restoring the property worth more than Rs 2500 crore in the fraud case of Rs 13,500 crore in Punjab National Bank. The ED had started the process of returning the seized properties of Mehul Choksi to their real owners following a special court order. Let us tell you that all efforts are being made in the whole case, the way the agencies can recover.
Latest business news