Seven years after he fled India just before the discovery of an astronomical Rs 14,000 crore scam, fugitive diamantaire Mehul Choksi was arrested in Belgium on Saturday. The Belgian Justice Department on Monday confirmed to NDTV that the disgraced businessman was in detention. It further said that India initiated the request for his extradition. The development brought back one of the biggest financial frauds in India’s banking history, involving the state-owned Punjab National Bank, into the spotlight. What Was The PNB Scam? In January 2018, Punjab National Bank disclosed that it had detected a massive fraud at one of its branches in Mumbai. It was initially pegged at Rs 13,500 crore before being revised to Rs 13,850 crore. It was orchestrated by celebrity jeweller Nirav Modi and his uncle Mehul Choksi, the managing director of Gitanjali Gems at the time. This scam, involving fraudulent guarantees, bribery and international money laundering, triggered a shake-up in the country’s financial and regulatory systems. How Did The Fraud Work? Choksi and his nephew Nirav Modi, currently in a London …