PNB Scam Accused Mehul Choksi Denied Bail Again in Belgium
Mehul Choksi, the fugitive diamond trader accused in the Punjab National Bank (PNB) scam, has been denied bail again by a court in Belgium. This is the second time that Choksi’s bail plea has been rejected, and he will have to remain in jail until the ongoing legal proceedings are completed.
Choksi, who is believed to be hiding in Antwerp, Belgium, had filed a bail application in the Court of Appeal, arguing that he was willing to cooperate with the investigation and would not flee the country. However, the court rejected his plea, citing the reasons conveyed by the Central Bureau of Investigation (CBI) to the Belgian prosecution.
According to the CBI, Choksi may flee to another country if he is released on bail. This fear is not without basis, given Choksi’s history of evading the law. In 2018, Choksi fled India and took refuge in Antwerp, Belgium, after the PNB scam came to light. He had been accused of defrauding the bank of over Rs 13,000 crore, and the CBI had issued a non-bailable warrant against him.
The CBI had also alleged that Choksi had laundered the money he had stolen through various channels, including real estate and diamonds. The agency had recovered several properties and assets worth crores of rupees from Choksi and his associates, but the exact extent of his illegal activities is still being investigated.
Choksi’s earlier bail plea was also rejected by the Court of Cassation, the highest court in Belgium. The court had ruled that Choksi was a flight risk and that there was a strong possibility that he would flee the country if released on bail.
The latest development in the case is a significant setback for Choksi, who had been hoping to return to India and face trial. However, it is unclear whether he will continue to fight the bail application or accept the outcome and remain in jail until the trial is completed.
The PNB scam is one of the largest banking frauds in India’s history, and the case has been a major embarrassment for the government. The scam was uncovered in 2018, when it was found that a group of bank officials had conspired with a few businessmen to issue fake letters of credit to foreign banks, allowing them to withdraw large sums of money.
The scam was initially estimated to be worth around Rs 11,000 crore, but it eventually turned out to be much larger. The CBI has since arrested several bank officials and businessmen, including Choksi’s nephew, Nirav Modi, who is also believed to be hiding abroad.
The case has highlighted the need for stricter regulations and oversight in the banking sector, and it has also led to calls for greater accountability from government officials and bank executives. The PNB scam is a stark reminder of the importance of transparency and good governance in the financial sector, and it is hoped that the case will serve as a warning to others who may be tempted to engage in similar fraudulent activities.
In conclusion, Mehul Choksi’s latest bail plea has been rejected by a court in Belgium, and he will have to remain in jail until the ongoing legal proceedings are completed. The case is a significant setback for Choksi, and it is unclear whether he will continue to fight the bail application or accept the outcome and remain in jail until the trial is completed.
