Vanuatu PM Cancels Lalit Modi’s Passport Amid Legal Troubles in India

Vanuatu’s Prime Minister Jotham Napat has canceled Lalit Modi’s passport, citing illegitimate reasons. This follows Modi’s request to surrender his Indian passport. Modi faces serious legal troubles in India, including allegations of financial misconduct. The Citizenship by Investment program in Vanuatu allows swift passport acquisition, contributing significantly to national revenue.

Jotham Napat, the Prime Minister of Vanuatu, has instructed the Citizenship Commission to revoke the passport of fugitive businessman Lalit Modi, as reported by the news agency PTI. This decision follows Modi’s application to surrender his Indian passport at the Indian High Commission in London just days prior. Modi, known as the founder of the Indian Premier League (IPL), had recently acquired Vanuatu citizenship through the country’s Citizenship by Investment program.

Last week, it was reported that Lalit Modi secured citizenship in Vanuatu, an island nation in the South Pacific famed for its Citizenship by Investment (CBI) programme. Randhir Jaiswal, a spokesperson for the Ministry of External Affairs, commented that India continues to actively pursue legal action against the former IPL chairman.

Lalit Modi, who formerly held the position of vice-president of the Board of Control for Cricket in India (BCCI), faces accusations of bid-rigging, money laundering, and transgressions relating to the Foreign Exchange Management Act of 1999 (FEMA). He fled India in 2010 amid investigations concerning financial misconduct, including unauthorized fund transfers.

Vanuatu’s CBI program enables investors to obtain citizenship and a passport within a quick timeframe of 30 to 60 days. As reported by the BBC, the cost for this program ranges from approximately $135,500 to $155,500 (roughly Rs 1.18 crore to Rs 1.35 crore), constituting nearly 30 percent of Vanuatu’s national revenue. Notably, the program does not require residency for applicants seeking citizenship.

In conclusion, the Vanuatu Prime Minister’s decision to cancel Lalit Modi’s passport reflects ongoing legal proceedings against him in India. The case involves serious allegations of financial misconduct following Modi’s departure from India in 2010. Additionally, Vanuatu’s Citizenship by Investment program remains a significant source of the country’s revenue and facilitates swift passport acquisition without the need for residency.

Original Source: www.business-standard.com