Mehul Choksi's Arrest: A Step Towards Justice in the PNB Scam?

Whistle-Blower Welcomes Arrest of Mehul Choksi

New Delhi: Hariprasad SV, the whistle-blower in the massive Punjab National Bank (PNB) fraud case, has expressed his approval of the recent arrest of fugitive diamond merchant Mehul Choksi in Belgium. He has urged Indian officials to expedite his extradition, cautioning that any delay would signify a 'national failure'.

In an exclusive conversation, Hariprasad reacted to the news of Choksi's arrest in Antwerp, Belgium, which occurred at India's request. The Central Bureau of Investigation (CBI) confirmed this development, emphasizing its commitment to bringing the wanted businessman back to face justice.

"This is encouraging news that he has finally been apprehended. The next step is to determine how long it will take to return him to India," Hariprasad stated.

He emphasized that true justice for the victims hinges not just on Choksi's imprisonment but also on the recovery of the embezzled funds.

"He has absconded with the money. Justice for the victims will only be served when the stolen funds are returned," he remarked.

Hariprasad further asserted that it would reflect poorly on India's administration if Choksi does not return.

"He must come back... if he doesn't, it will be our failure," he added.

Discussing the challenges of international extradition, he expressed optimism that India would prevail this time.

"There remains a significant legal battle in Belgium. The Indian government is capable of handling this. Previously, they sent a complete team and a plane but were unsuccessful in bringing him back. I hope they achieve success now," he noted.

Choksi, along with his nephew Nirav Modi, is implicated in one of India's largest banking frauds, utilizing fraudulent Letters of Undertaking (LoUs) and Foreign Letters of Credit (FLCs) issued from PNB’s Brady House branch in Mumbai. Both have been charged with conspiracy, cheating, and corruption by the CBI and the Enforcement Directorate (ED).

Hariprasad estimated the financial damage, stating, "He defrauded around 100 individuals through business transactions. Besides PNB, at least 10 to 15 banks were involved, with loans amounting to nearly Rs 10,000 crore. The total loss could range between Rs 25,000 to 30,000 crore. It's challenging to pinpoint the exact figure, but India has undoubtedly suffered significant losses."

He also commented on the troubling trend of high-profile business figures fleeing the country after committing financial crimes.

"Numerous prominent individuals, like Vijay Mallya, remain elusive. If we cannot repatriate fugitives, what does it mean for us as the world's fifth-largest economy? Choksi's arrest should pave the way for the return of others," he remarked.

When asked if the extradition of Tahawwur Rana could finally facilitate Choksi's extradition after previous unsuccessful attempts, Hariprasad replied, "We can only hope."

He stressed that this case transcends the individual, serving as a crucial lesson for India.

"This should be a wake-up call for both the government and businesses. Vigilance is essential to prevent such fraudulent activities in the future," he concluded.

Hariprasad also supported the government's stringent policies against such crimes.

"Yes, it’s never too late. Action is being taken now. A zero-tolerance policy is vital," he asserted.

Currently, Mehul Choksi resides in Antwerp with his wife Preeti Choksi on a Belgian residency card and is expected to apply for bail on health grounds. Nevertheless, Indian authorities remain resolute in their pursuit of his extradition to bring closure to one of the nation's most significant financial scandals.