Fugitive diamond tycoon Mehul Choksi, once celebrated as a jeweller to the rich and famous, stands accused of masterminding one of India’s largest banking frauds- the Rs 13,500 crore Punjab National Bank (PNB) scam. The case, which shook India’s financial system in 2018, exposed deep-rooted loopholes in the country’s banking oversight.

Choksi, along with his nephew Nirav Modi, allegedly exploited PNB’s internal systems to obtain fraudulent Letters of Undertaking (LoUs) from the bank’s Brady House branch in Mumbai. These LoUs functioned as bank guarantees, allowing the duo’s companies, including Gitanjali Gems and Firestar International, to secure credit from foreign banks without offering any real collateral.

The Great PNB Heist:

Between 2011 and 2017, Choksi’s firms availed thousands o

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