PNB 'fraud': Mumbai court issues non-bailable warrant against Mehul Choksi

TOI City Desk / TIMESOFINDIA.COM / Updated: Apr 30, 2025, 13:12 IST

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A Mumbai court has issued a non-bailable warrant for diamantaire Mehul Choksi, already arrested in Belgium on April 12, in connection to a Rs 55 crore loan fraud case involving a Canara Bank-led consortium. The CBI alleges that Bezel Jewellery, under Choksi, misused loans from Canara Bank and Bank of Maharashtra, leading to significant losses.

Mehul Choksi

NEW DELHI: A Mumbai court has issued a non-bailable warrant against diamantaire Mehul Choksi in connection with a Rs 55 crore loan fraud case involving a Canara Bank-led consortium.
Choksi, who is also a prime accused in the Punjab National Bank fraud case, was recently arrested in Belgium following an extradition request by Indian authorities.

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Additional chief judicial magistrate R B Thakur at the Esplanade Court issued the warrant, with the next hearing scheduled for June 2 for a warrant status report.

The Central Bureau of Investigation alleges that Canara Bank and Bank of Maharashtra had sanctioned Rs 30 crore and Rs 25 crore respectively as working capital facilities to Bezel Jewellery under a consortium agreement.
According to the CBI, while the loan was meant for manufacturing and selling gold and diamond-studded jewellery, the company did not use it for the intended purposes. The company's failure to repay resulted in a loss of Rs 55.27 crore to the consortium.

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Choksi and his nephew Nirav Modi are also the main accused in the larger Rs 13,500-crore PNB fraud case.
Currently, Choksi is fighting for bail in a Belgian court. Meanwhile, Nirav Modi has been imprisoned in London since 2019.
The matter will be taken up again on June 2 when the court expects an update on the execution of the non-bailable warrant.

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