Fugitive diamond trader and a key accused in bank fraud cases at Punjab National Bank Mehul Choksi, who fled to Caribbean country Antigua and Barbuda, has given up his citizenship of India and surrendered his passport, sources said on Monday.

Choksi, who along with his nephew diamond jeweller Nirav Modi, also a fugitive from India, allegedly committed a fraud on Punjab National Bank amounting to over Rs 13,500 crore, according to the Central Bureau of Investigation (CBI).

A move like this of surrendering his passport has no legal consequences since India doesn’t have dual citizenship, said the sources.

Choksi became a citizen of Antigua and Barbuda under a programme in which a certain quantum of investment entitles an individual to citizenship. According to investigations, Choksi began the process to take citizenship of the twin-island nation last year, well before he left India in the first week of January last year. The fraud came out a little later.

Choksi was formally granted citizenship in November 2017 but took oath as an Antiguan citizen on January 15 last year.

Soon after Antigua learnt about the fraud case against Choksi, it had underlined that it would “honour any legitimate request” to extradite him. This implied that Choksi, who was seen to have gone beyond the reach of investigators by getting himself a new country, could still be extradited.

Both Modi and Choksi left India last year and have not returned despite repeated summons from the investigation agencies and courts.

First Published: Jan 21, 2019 10:35 IST