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Belgian Authorities Capture Jeweler Accused of $2 Billion Fraud

Fugitive jeweler Choksi, who India has requested an extradition for, has been arrested in Belgium for a $1.8 billion bank fraud case.Hindu jeweler Mehul Choksi’s lawyer announced that his client, who is accused of approximately $2 billion in banking fraud, has been detained in Belgium and they intend to appeal his arrest. The Indian government had requested Choksi’s extradition prior to his arrest.  India’s Punjab National Bank (PNB), one of the largest banks, revealed in 2018 that they had uncovered a $1.8 billion fraud at a single branch in Mumbai. The bank reported the case to the federal investigation bureau, including billionaire jewelers Nirav Modi and Choksi among the suspects. The Indian federal police charged Choksi, Nirav Modi, and other suspects with “fraud” related to transactions that caused significant losses to the bank. Both suspects denied the charges.  Choksi wrote a letter in 2018 alleging that the investigating authorities were acting with “preconceived minds” and intervening in the course of law. Choksi’s lawyer Vijay Aggarwal stated in a Monday interview with Reuters that they plan to appeal for his release due to his undergoing cancer treatment and no risk of fleeing.  Nirav Modi fled from India before details of his role in the fraud surfaced in 2018. Modi was detained in the UK in 2019, where despite his objections to the extradition to India being rejected, he remained in custody.  Modi had grown up in Antwerp, Belgium, known as the “diamond polishing center,” where Choksi used to frequently visit before the fraud accusations came to light. Diamond traders in Mumbai argued that Antwerp would be an ideal place for Choksi to hide due to his connections there, allowing him to remain in touch with industry figures.

Belgian Authorities Capture Jeweler Accused of $2 Billion Fraud

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