Breakthrough: Belgium court orders Mehul Choksi’s extradition; wanted in Rs 13,000cr scam case - report

A Belgian tribunal connected Friday ordered the extradition of fugitive Mehul Choksi to India, quality bureau PTI reported citing officials. Choksi faces charges related to the monolithic Punjab National Bank (PNB) fraud case."The bid has travel successful our favour. The tribunal has termed his apprehension by the Belgian authorities connected India's petition valid. The archetypal ineligible measurement successful getting him extradited is present clear," a elder authoritative told quality bureau PTI.Officials stated that the bid marks a important validation of India's efforts to unafraid Mehul Choksi's extradition, though helium inactive has the enactment to entreaty the determination successful a higher Belgian court.

Prosecutors argued earlier the tribunal that Choksi poses a formation hazard and should not beryllium released from custody, the officials told PTI. Choksi, who relocated to Belgium successful 2023 aft leaving Antigua and Barbuda, was arrested determination successful April pursuing India’s extradition request. He and his nephew Nirav Modi are accused of defrauding the slope of implicit Rs 13,000 crore.

What is the lawsuit against Mehul Choksi?

Mehul Choksi, stands accused successful 1 of India’s largest banking frauds, the Punjab National Bank (PNB) scam involving implicit Rs 13,000 crore.

Along with his nephew Nirav Modi, Choksi allegedly orchestrated fraudulent Letters of Undertaking (LoUs) and Foreign Letters of Credit (FLCs) astatine PNB’s Brady House subdivision successful Mumbai during 2017. These LoUs were guarantees issued by the slope to overseas lenders without immoderate sanctioned limits oregon currency margins, deliberately bypassing the bank’s cardinal strategy to debar detection.Authorities allege that loans were obtained from overseas banks crossed locations including Mauritius, Hong Kong, Antwerp, and Frankfurt based connected these fraudulent guarantees. When the companies failed to repay, PNB was forced to wage implicit Rs 6,300 crore, including interest, to these overseas banks.This is simply a make story. More details to follow...