Fugitive Indian businessman Mehul Choksi has given up Indian citizenship by surrendering his passport to the Indian High Commission in Guyana.

Choksi had last year in November acquired the citizenship of Antigua to evade prosecution for alleged cases of money laundering and defrauding banks. Choksi was named as an accused by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) in the chargesheets filed in separate cases by the two agencies alleging that fraudulent transactions were made by Choksi, diamantaire Nirav Modi along with some bank employees to acquire Letters of Understanding from a collegium of banks.

Asserting that the government is committed to bring back all fugitive economic offenders, Union Home Minister Rajnath Singh said on Monday that all such people who have fled the country will be brought back and action will be taken against all.

"Our government has passed Economic Offenders Bill and all the economic offenders would be brought back anyhow. It might take some time because of the legal processes which are required to be completed but let me assure you that nobody will be spared and all such persons will have to face the law," said Rajnath Singh at an event in New Delhi.

Nirav Modi and his uncle Mehul Choksi are wanted in India in loan default cases. The duo had fled the country in the first week of January last year after their companies were found cheating the state-run Punjab National Bank of Rs 13,000 crore.

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