Mehul Choksi was arrested in Belgium last week following a request from Indian authorities.
A Belgian court has declined the bail plea of Mehul Choksi, a key accused in the Rs 13,500 crore Punjab National Bank (PNB) loan fraud case.
The three-judge bench, which conducted the hearing in Dutch, ruled against granting bail after reviewing the arguments.
Choksi was arrested in Belgium last week following a request from Indian authorities.
Ministry of External Affairs spokesperson Randhir Jaiswal had said during the weekly media briefing that India is working with the Belgian side for Choksi's extradition.
"As you are aware, based on our extradition request, he was arrested in Belgium. We are closely working with the Belgian side for his extradition to India so that he can face trial in the country," Jaiswal had said answering a query. .
Earlier today, Choksi's Indian lawyer, Vijay Aggarwal, was seen in Antwerp ahead of the bail hearing and also visited Choksi in jail.
After his arrest, Aggarwal stated that the legal team plans to appeal the decision, emphasizing "Choksi's ill health and ongoing cancer treatment" as the primary grounds for seeking his release. "My client, Mehul Choksi, is currently in custody. We will initiate the process of filing an appeal and request his release from prison, citing his medical condition and the fact that he is not a flight risk," Aggarwal told ANI.
During a press conference held in Delhi, Aggarwal outlined the defence strategy to contest Choksi's extradition on two key grounds: the political nature of the case and concerns over the treatment of Choksi's health condition in India. He argued that extradition could severely impact Choksi's human rights, "particularly due to the lack of adequate medical care and the risk of harassment by political entities".
Aggarwal claimed that Choksi has been cooperative with Indian investigative agencies and has expressed willingness to participate in investigations via video conferencing due to his health issues.
The legal team also pointed out procedural prerequisites for extradition, including the issuance of non-bailable warrants since 2018. Aggarwal noted that previous attempts to extradite Choksi from Dominica had failed, and Choksi had been receiving medical treatment in Antigua before traveling to Belgium for cancer care.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
