India, April 14 -- Absconding billionaire Mehul Choksi, a prime accused in the Rs.13,000 crore Punjab National Bank (PNB) loan fraud case, has been arrested in Belgium following a formal extradition request from Indian authorities. The arrest, which took place on Saturday, marks a major breakthrough in the high-profile banking scam that rocked India in 2018.

Choksi, who fled India in 2018 and was living in Antigua, was recently traced to Belgium under the pretext of seeking medical treatment. Following the withdrawal of his Interpol Red Notice, Indian agencies have been pursuing his extradition through diplomatic and legal channels.

Sources confirm that at least two open-ended arrest warrants issued by a special Mumbai court in 2018 and...