Brussels/New Delhi, April 14 -- Fugitive Indian diamantaire Mehul Choksi, 65, wanted in India for defrauding PNB Bank of billions, has been arrested in Belgium based on India's extradition request.
The businessman was arrested by the police last Saturday near his apartment on the Antwerp Island.
Choksi, who previously headed the Gitanjali Group, a large jewellery company in Mumbai, along with his nephew Nirav Modi-who is in London awaiting extradition-is accused of defrauding Punjab National Bank (PNB) of Rs 13,850 crore.
The case, which shook the Indian banking sector in 2018, involved fraudulent Letters of Undertaking (LoUs) and Foreign Letters of Credit (FLCs), allegedly issued through collusion with bank officials.
Choksi has cance...