Vanuatu’s Prime Minister has canceled the passport of fugitive Lalit Modi, who is under investigation for financial misconduct. Reports indicate Modi acquired Vanuatu citizenship through the Citizenship by Investment program. India continues to pursue legal action against him as he tries to surrender his Indian passport.
Jotham Napat, the Prime Minister of Vanuatu, has instructed the Citizenship Commission to revoke the Vanuatu passport issued to fugitive businessman Lalit Modi. This decision follows Modi’s recent application to surrender his Indian passport at the Indian High Commission in London. Reports indicate that Modi had acquired Vanuatu citizenship through the country’s Citizenship by Investment (CBI) program, shortly before this directive.
Lalit Modi, the former vice-president of the Board of Control for Cricket in India (BCCI), faces serious allegations, including bid-rigging, money laundering, and violations of the Foreign Exchange Management Act of 1999 (FEMA). He left India in 2010 amidst investigations concerning his financial activities and unauthorized fund transfers.
The Citizenship by Investment Program in Vanuatu allows individuals to acquire a passport within a period of 30 to 60 days, with costs ranging from $135,500 to $155,500 (approximately Rs 1.18 crore to Rs 1.35 crore). This initiative significantly contributes to the nation’s economy, accounting for nearly 30 percent of national revenue, and notably does not require applicants to reside in Vanuatu to obtain citizenship.
The cancellation of Lalit Modi’s Vanuatu passport by Prime Minister Jotham Napat reflects ongoing legal actions against the businessman regarding his financial misconduct. As Modi seeks to resolve his passport situation, Vanuatu’s Citizenship by Investment program remains lucrative, providing quick citizenship and substantial contributions to the nation’s economy.
Original Source: www.business-standard.com
