In a major setback to Indian fugitive Mehul Choksi, a Belgian court of appeal has once again denied bail. Choksi, a key accused in the multi-crore Punjab National Bank (PNB) loan fraud case, has not been in India since his scam was discovered. The decision by the Belgian court comes just days before his extradition hearing, scheduled for mid-September.

As reported by news agency ANI, sources have indicated that the court was persuaded by arguments from India's Central Bureau of Investigation (CBI). The CBI, while putting up their arguments, said that Mehul Choksi has a history of evading legal proceedings across multiple jurisdictions. The CBI also submitted that if Choksi is granted bail, he will pose a significant flight risk and could potentially flee to another country.

Choksi was arrested in Belgium in April following a formal request from Indian authorities. Along with Mehul Choksi, his nephew, Nirav Modi, is also one of the prime accused in the PNB fraud case. The case against Mehul Choksi and Nirav Modi involves fraudulent transactions in the public sector bank. In addition to this case, Choksi is reportedly wanted in connection with several other unrelated bank fraud investigations as well.