The former Gitanjali Group chairman, whose net worth has plummeted from its peak, is the maternal uncle and co-accused of fugitive diamantaire Nirav Modi. (Image: Rediff/ Social Media)
Mehul Choksi's extradition has been approved by a Belgian court, which is a significant step in the country's biggest banking fraud case. A return to India for prosecution is now a real possibility for the fugitive businessman who is wanted in the multibillion rupee Punjab National Bank (PNB) scam. This ruling on October 17, 2025, marks a critical turning point in a legal battle that has stretched on for years, bringing the spotlight back onto the man who once headed a massive jewelry empire.
So, who is the man at the center of this international legal storm? Mehul Choksi is a 66-year-old former chairman of the Gitanjali Group, a major retail jewelry firm in India. He was born on May 5, 1959, in Mumbai and began his career in his father's diamond trading business. Choksi is not acting alone; he is the maternal uncle of Nirav Modi, the other key accused in the same massive financial scandal. Their familial and business partnership lies at the heart of the allegations that shook the Indian banking sector.
The core issue revolves around one of India's most significant banking scandals. Choksi and his nephew Nirav Modi are accused of defrauding the Punjab National Bank of over ₹14,000 crore. How did they handle this? The pair allegedly obtained loans from foreign banks by forging Letters of Undertaking (LoUs), which are bank guarantees for credit. Choksi fled India in January of that year, shortly before the investigations became more intense and his corporate empire fell apart, after the scam was discovered in early 2018.
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What is the relationship between Mehul Choksi and Nirav Modi? The two are not just business partners; they are family. Nirav Modi's maternal uncle is Choksi. With Choksi's mass-market "Gitanjali Group" and Modi's upscale "Nirav Modi" brand, they made a formidable team in the diamond and jewelry sector. Investigators said they utilized a similar method to plan the scam through their individual companies, and they are co-accused in the PNB fraud case. Even though they have taken different routes after escaping—Nirav Modi is currently detained in London and is battling for his own extradition, their legal outcomes are still linked in the same significant case..
Before the scandal, what did Mehul Choksi's business empire look like? Under his leadership, the Gitanjali Group was a powerhouse in the Indian jewelry market. It operated a vast network of over 4,000 stores across the country. The company was responsible for several well-known and trusted jewelry brands that became household names. These brands included Nakshatra, D'damas, Gili, Asmi, and Vivaha Gold, which have since been shuttered or seized following the exposure of the fraud.
This is the question on everyone's mind. After fleeing India, Choksi first traveled to the United States before settling in Antigua and Barbuda, where he had obtained citizenship in 2017. His current location, however, is a correctional facility in Belgium. In April 2025, he was taken into custody there after India requested his extradition. Although he has the opportunity to appeal, he is still being held while the legal proceedings for his deportation to India proceed because the recent Belgian court upheld his arrest.
Choksi's personal life has been deeply affected by the case. He is married to Priti Choksi, who has also been named as an accused for allegedly aiding in money laundering. She is a resident of Antigua and Barbuda. The couple has a son and two daughters.
At the peak of his career, Mehul Choksi's net worth was estimated to be a staggering ₹20,000 crore.Today, that fortune has been largely destroyed, as assets connected to him and his companies worth over ₹2,565 crore have been seized and attached by Indian authorities.
