New Delh: Hariprasad SV, the whistle-blower in the multi-crore Punjab National Bank (PNB) scam, has welcomed the arrest of fugitive diamantaire Mehul Choksi in Belgium and strongly urged Indian authorities to ensure his extradition, warning that failure to do so would mean a ‘national failure’.
Speaking exclusively to IANS, Hariprasad reacted to reports that Choksi, wanted in connection with the Rs 13,850 crore PNB loan fraud, was arrested in Antwerp, Belgium, at India’s request. The Central Bureau of Investigation (CBI) confirmed his arrest, stating it was part of the ongoing efforts to bring the fugitive businessman back to face justice.
“It’s good news that he has finally been arrested. Now we have to see how much time it will take to bring him back,” Hariprasad told IANS.
He underlined that justice for victims lies not in Choksi’s imprisonment alone but in the recovery of defrauded money.
“He has run away with the money. Victims will get justice only when the money is returned,” he said.
Hariprasad further said that it would be the failure of India’s administration if he didn’t come back.
“He should return… if he does not return, it is our failure,” he told IANS.
Highlighting the complexities of international extradition, he expressed hope that this time India would succeed.
“There’s still a big legal battle pending in Belgium. The Indian government is capable of fighting this. Last time, they took an entire team and a plane but still couldn’t bring him back. I hope they succeed now,” he said.
Choksi, along with his nephew Nirav Modi, is accused of orchestrating one of India’s largest banking frauds using fraudulent Letters of Undertaking (LoUs) and Foreign Letters of Credit (FLCs) issued from PNB’s Brady House branch in Mumbai. The duo, along with bank officials and others, have been charged by the CBI and the Enforcement Directorate (ED) with conspiracy, cheating, and corruption.
Providing an estimate of the financial loss, Hariprasad said, “He defrauded around 100 people through business dealings. Apart from PNB, at least 10 to 15 banks were involved, with loans totaling nearly Rs 10,000 crore. I believe the total loss could be anywhere between Rs 25,000 to 30,000 crore. It’s hard to say the exact figure, but India has definitely suffered massive losses.”
He further reacted to the broader trend of high-profile industrialists fleeing the country after committing financial fraud.
“Many big names like Vijay Mallya are still out of reach. If we can’t bring fugitives back, what’s the point of being the world’s fifth-largest economy? Choksi’s arrest must pave the way for the return of others,” he added.
On whether this extradition of Tahawwur Rana could finally lead to Choksi’s extradition after several failed attempts in the past, Hariprasad said, “We can hope.”
He emphasised that this case is more than just about one man—it served as a wake-up call for India.
“This should be a learning lesson, both for the government and for businesses. It’s important to stay vigilant to avoid such fraudulent transactions in the future,” he said.
Hariprasad also backed the government’s zero-tolerance policies in such cases.
“Yes, of course, it’s never too late. It’s happening now. A zero-tolerance policy is essential,” he concluded.
Mehul Choksi, currently residing in Antwerp with his wife Preeti Choksi on a Belgian residency card, is expected to seek bail on health grounds. However, the Indian authorities are determined to pursue his extradition and bring closure to one of the country’s most significant financial scandals.
IANS
