Fugitive diamond trader Mehul Choksi has been arrested in following an extradition request from , authorities in New Delhi said on Monday.
The 65-year-old is accused of against India’s second-biggest state-run lender by assets, Punjab National Bank (PNB), in 2018.
Other alleged perpetrators in the scam include Choksi’s nephew and , other family members and employees of their jewelry firm, as well as some bank officials.
The largest bank scam in India’s history
The scam allegedly involved using forged documents to raise credit to buy and import jewels.
It was considered to be largest bank scam in India’s history.
However, Choksi had left India before the scandal came to light.
Indian authorities believe Choksi is likely to challenge his extradition and seek bail on medical grounds.
Nirav Modi also implicated
Choksi’s nephew, Nirav Modi, is also
The son of a diamond merchant, in several major cities around the world.
He also catered to a host of celebrity clients, including actresses Naomi Watts, Kate Winslet and Priyanka Chopra-Jonas.
In 2017, before the alleged fraud, Forbes put Modi’s estimated wealth at $1.73 billion.
Nirav Modi shares the last name with India’s Prime Minister, Narendra Modi, but the two men are not related.
Edited by: Zac Crellin
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