Mehul Choksi, once a prominent figure in India’s diamond industry, is now synonymous with one of the country’s most significant financial scandals—the Punjab National Bank (PNB) fraud. As the former chairman of the Gitanjali Group, Choksi’s net worth was once estimated in the billions. However, following allegations of defrauding PNB of over ₹13,850 crores, his financial empire has crumbled. This article delves into Choksi’s financial journey, examining the rise of his wealth, the impact of the scandal, and his current financial standing.
The Ascent: Building a Diamond Empire
Mehul Choksi inherited the Gitanjali Group from his father and transformed it into a global diamond powerhouse. At its zenith, the company operated over 4,000 stores across India and had a significant international presence. Choksi’s business acumen and strategic expansions positioned him as a leading figure in the jewelry industry.
His net worth during this period was substantial, reflecting the success of Gitanjali Gems. The company’s shares were actively traded, and its valuation soared, contributing to Choksi’s billionaire status.
The Downfall: Unraveling of a Financial Scandal
In early 2018, the PNB fraud came to light, implicating Choksi and his nephew, Nirav Modi. The duo allegedly orchestrated a scheme involving fraudulent Letters of Undertaking (LoUs) to secure unauthorized loans, leading to a loss of over ₹13,850 crores for the bank. As investigations unfolded, Choksi fled India and acquired citizenship in Antigua and Barbuda.
The scandal had a catastrophic impact on Choksi’s financial standing. The Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) initiated multiple cases against him, leading to the seizure of assets worth thousands of crores. Properties, bank accounts, and other assets linked to Choksi were confiscated, significantly eroding his net worth.
Asset Seizures and Legal Proceedings
The Indian authorities have been relentless in their pursuit of Choksi’s assets. In June 2021, the ED transferred assets worth ₹8,441.50 crores, belonging to Choksi, Nirav Modi, and Vijay Mallya, to public sector banks. These assets included properties, shares, and other financial instruments.
Further, a Mumbai court approved the auction of Choksi’s assets valued at ₹2,565.9 crores. These measures have substantially diminished Choksi’s wealth, leaving him with limited financial resources.
Current Financial Status
As of April 2025, Choksi’s exact net worth is challenging to ascertain due to ongoing legal proceedings and asset seizures. However, considering the magnitude of confiscated assets and the collapse of his business empire, it’s evident that his net worth has plummeted from its peak. While he may still possess undisclosed assets, the majority of his known wealth has been appropriated by authorities.
