Vanuatu’s Prime Minister has canceled Lalit Modi’s passport due to his recent application to surrender his Indian passport. Modi, facing serious legal accusations in India, had acquired Vanuatu citizenship through the country’s Citizenship by Investment program, which significantly contributes to national revenue.
Jotham Napat, the Prime Minister of Vanuatu, has instructed the Citizenship Commission to revoke Lalit Modi’s Vanuatu passport, as reported by PTI. This decision follows Modi’s recent application to surrender his Indian passport at the Indian High Commission in London, illustrating a significant legal development for the fugitive businessman, who is known for founding the Indian Premier League (IPL).
Reports emerged last week indicating that Lalit Modi had acquired citizenship in Vanuatu, a South Pacific island nation recognized for its Citizenship by Investment (CBI) program. This program permits individuals to obtain citizenship relatively quickly, typically within 30 to 60 days, in exchange for a significant financial investment.
Randhir Jaiswal, the spokesperson for the Ministry of External Affairs, emphasized that India remains committed to pursuing legal action against the former IPL chairman. Modi faces serious allegations including bid-rigging, money laundering, and violations of the Foreign Exchange Management Act of 1999 (FEMA). He departed India in 2010 while investigations into his financial activities were underway.
The Citizenship by Investment program in Vanuatu is estimated to cost between $135,500 and $155,500 (approximately Rs 1.18 crore to Rs 1.35 crore) and is a vital component of the country’s economy, generating nearly 30% of national revenue. Notably, the program has a ‘no-residency’ requirement, enabling applicants to gain citizenship without the obligation to live in Vanuatu.
In summary, Vanuatu’s Prime Minister has acted to cancel Lalit Modi’s passport following his recent application to surrender his Indian passport. Modi faces serious legal challenges in India, with accusations of substantial financial improprieties. The Vanuatu citizenship program continues to attract attention due to its economic significance and the expedited process it offers for obtaining citizenship.
Original Source: www.business-standard.com
