Choksi, one of the main defendants in a $20 billion National Bank fraud case in Punjab, arrested Belgian police by the Central Bureau of Investigation (CBI) last week. ET learned that he will not stay in the Belgian prison until at least next Tuesday.
People quoted last week said Choksi’s legal team will file a bail request or a “freedom request” request in the Belgian law overview to seek his immediate release.
Under Belgian law, the court considers releasing a defendant instructing him/her to wear a Global Positioning System (GPS) tracker on his/her foot to monitor their movements.
Choksi’s team will likely cite his bad health and “community connection” to support Choksi if bail is released, Choksi will not be a flight risk.
People aware of this development say the legal team from India will remain in the Belgian court to oppose the plea. ET was the first report on April 14 that Choksi was arrested by Belgian police at the request of the CBI.
Ed, who investigates the money laundering case, is seeking to liquidate Choksi’s assets and return the money to victims of bank fraud, even as the CBI is pushing for his extradition. Over the past few months, Ed has sent 15 letters to Hong Kong, Singapore, Thailand, the United States, China, Italy, Japan, the United Kingdom and the United Arab Emirates, formally requesting detailed information on companies, assets, bank accounts and other information with Choksi and its Gitanjali Companies.
Letters to Thailand, the United States, Japan and the UAE also seek to implement temporary orders issued by Indian authorities to rely on Choksi’s assets, worth Rs 8.5 billion.
So far, Ed has secured the order to restore the assets of the victims of fraud to recover Rs 25.66 crore and has attached it with property worth approximately Rs 196.8 crore.
The people quoted above told ET that the latter includes properties of 105 real estates worth over Rs 16 billion, as well as the above jewelry, diamonds and precious metals worth about Rs 230 crore.
Coksi’s properties in the UAE, the United States, Thailand and Japan include apartments, offices, factories and shares of a Japanese company, as ET first reported on January 1.
Ed also found that during the search in India, Ed also discovered movable properties (jewelry and other valuables) worth about Rs 59.8 crore.
Last October, India made a request to Belgium to seek extradition of Choksi, and Belgian police subsequently arrested him. Choksi told the Mumbai court through his lawyer that he had blood cancer and would start radiation treatment and was unable to go to India for trial.
When arresting Choksi, Belgian police referred to two open arrest warrants issued by the Mumbai court against him. The dates for these people are May 23, 2018, and June 15, 2021.
