Vanuatu’s Prime Minister has revoked Lalit Modi’s passport, who sought to surrender his Indian passport. Modi is facing serious legal charges in India for financial crimes. Vanuatu’s Citizenship by Investment programme facilitates rapid passport acquisition, which has raised concerns given its revenue significance.
Jotham Napat, the Prime Minister of Vanuatu, has instructed the Citizenship Commission to revoke the Vanuatu passport granted to fugitive businessman Lalit Modi, as reported by news agency PTI. This decision follows Modi’s recent application to surrender his Indian passport at the Indian High Commission in London. Reports emerged last week indicating that Modi had successfully acquired citizenship in Vanuatu, a small island nation in the South Pacific known for its Citizenship by Investment (CBI) programme.
Lalit Modi, known for founding the Indian Premier League (IPL), is facing serious allegations including bid-rigging, money laundering, and breaches of the Foreign Exchange Management Act of 1999 (FEMA). He has been evading Indian authorities since 2010, when he departed the nation amid investigations into various financial irregularities, including illicit fund transfers.
Vanuatu’s citizenship by investment programme enables individuals to obtain citizenship and passports in as little as 30 to 60 days. According to a BBC report, the total cost of this programme ranges from approximately $135,500 to $155,500 (or roughly Rs 1.18 crore to Rs 1.35 crore), contributing nearly 30 percent to the country’s national revenue. This programme notably does not impose a residency requirement, allowing applicants to gain citizenship without residing in the country.
In summary, Prime Minister Jotham Napat of Vanuatu has ordered the cancellation of Lalit Modi’s passport, citing illegitimate reasons, amid ongoing investigations for financial misconduct in India. The Citizenship by Investment programme in Vanuatu, which Modi reportedly utilized, permits fast-track citizenship acquisition, raising concerns about its implications in high-profile cases like Modi’s. Overall, this situation reflects the intersection of international law and citizenship investments.
Original Source: www.business-standard.com
