Skip to content
Search

Latest Stories

PNB Fraud Accused Mehul Choksi Gives up Indian Citizenship In Antigua: Sources

Former Indian diamond merchant, one of the key person who allegedly involved in multi-million Pound Punjab National Bank (PNB) fraud case, Mehul Choksi who moved to the island nation, Antigua and Barbuda has given up his Indian citizenship and surrendered his passport, media reports said on Monday (21) citing sources.

Choksi has fled to Caribbean country Antigua and Barbuda last year in a bid to avoid legal proceedings against him by investigators in India in connection with PNB fraud case.


According to India’s federal investigation agency, Central Bureau of Investigation (CBI), Choski left India along with his close relative celebrity jeweller, Nirav Modi, another fugitive from the country allegedly responsible for the fraud at state-run PNB amounting more than Rs 135 billion.

The accused became a citizen of the tiny nation, under a programme in which certain amount of investment enables individuals to obtain citizenship. According to the probe agencies, Choksi started his move to obtain citizenship of the island nation in 2018, before he moved out of his country during the first week of January 2018.

The PNB fraud came into light after the two main accused Modi and Choski moved out of India in a bid to avoid possible legal proceedings against them.

The Antigua government soon after learning about Choksi’s alleged involvement in the fraud case, stated that it would respect any legitimate request to extradite Choksi from its territory. Thus, Choksi could be extradited even if he has gone beyond the reach of investigators by getting himself in the new country.

India’s law enforcement and economic intelligence agency Enforcement Directorate (ED) has also filed petitions to have both Choksi and Modi declared as fugitives under India’s new Fugitive Economic Offenders Act after the duo left India.

Choksi in reply to the Indian investigators’ petition to declare him as a fugitive economic offender, had blamed the “fiasco” on the “mismanagement of the public sector bank”. He had also rejected all allegations made against him in connection with the PNB fraud case.

Last December, CBI secured an Interpol red corner notice (RCN) against Choksi which is still seen as a big boost to India’s efforts to bring back the accused to India.

More For You

UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Economy grew 0.7 per cent in Q1 2025, fastest in a year

THE UK economy expanded at its fastest pace in a year during the first quarter of 2025, driven by a rise in home purchases ahead of a tax deadline and higher manufacturing output before the introduction of new US import tariffs.

Gross domestic product rose by 0.7 per cent in the January-to-March period, the Office for National Statistics (ONS) said, confirming its earlier estimate. This was the strongest quarterly growth since the first quarter of 2024.

Keep ReadingShow less
Rosneft in early talks to sell India refinery stake to Reliance

Reliance Industries chairman Mukesh Ambani (Photo: Getty Images)

Rosneft in early talks to sell India refinery stake to Reliance

RUSSIAN oil major PJSC Rosneft Oil Company is in early discussions with Reliance Industries to sell its 49.13 per cent stake in Nayara Energy, an Indian energy company that operates a 20-million-tonnes-per-year oil refinery and 6,750 petrol pumps, sources familiar with the matter said.

The deal, if finalised, would see Reliance overtake state-owned Indian Oil Corporation (IOC) to become India’s largest oil refiner. It would also provide Reliance with a significant expansion in fuel retailing, where it currently holds a relatively small presence.

Keep ReadingShow less
modi-trump-getty
Trump shakes hands with Modi during a joint press conference at Hyderabad House in New Delhi on February 25, 2020. (Photo: Getty Images)
Getty Images

Key issues in India, US trade talks

TRADE talks between India and the US have hit a roadblock over disagreements on duties for auto components, steel and farm goods, Indian government sources said to Reuters, dashing hopes of reaching an interim deal ahead of president Donald Trump's July 9 deadline to impose reciprocal tariffs.

Here are the key issues at play:

Keep ReadingShow less
Anil Agarwal

Vedanta Resources, which is based in the UK and owned by Indian billionaire Anil Agarwal, has been working on reducing its debt. (Photo credit: Getty Images)

Getty Images

Anil Agarwal’s Vedanta Resources signs £438 million refinancing deal

VEDANTA LTD said on Thursday that its parent company, Vedanta Resources, has signed a loan facility agreement worth up to £438 million with international banks to refinance existing debt.

The refinancing move, where old loans are replaced by new ones, often at better terms like lower interest rates, has led ratings agencies such as S&P Global Ratings and Moody's to upgrade their outlook on the company this year.

Keep ReadingShow less
Trump-Getty

Trump said that while deals are being made with some countries, others may face tariffs.

Getty Images

Trump says major trade deal with India may be finalised soon

US PRESIDENT Donald Trump on Friday said a "very big" trade deal could be finalised with India, suggesting significant movement in the ongoing negotiations between the two countries.

“We are having some great deals. We have one coming up, maybe with India. Very big one. Where we're going to open up India," Trump said at the “Big Beautiful Bill” event at the White House.

Keep ReadingShow less