Vanuatu’s Prime Minister has revoked Lalit Modi’s passport, linking it to illegitimate reasons. Modi, under scrutiny for financial misconduct in India, had recently entered Vanuatu’s Citizenship by Investment program, which fast-tracks citizenship for a significant fee. This program is crucial to Vanuatu’s economy, accounting for nearly 30% of national revenue without a residency mandate.
Jotham Napat, the Prime Minister of Vanuatu, has ordered the cancellation of Lalit Modi’s passport, citing illegitimate reasons. This decision follows Modi’s recent application to surrender his Indian passport at the Indian High Commission in London. Reports have indicated that Modi, the founder of the Indian Premier League (IPL), acquired citizenship in Vanuatu through its Citizenship by Investment (CBI) program.
Lalit Modi, a former vice-president of the Board of Control for Cricket in India (BCCI), faces serious allegations, including bid-rigging, money laundering, and breaches of the Foreign Exchange Management Act of 1999 (FEMA). He left India in 2010 amid investigations related to unauthorized fund transfers and financial misconduct.
Vanuatu’s CBI program expedites citizenship acquisition within 30 to 60 days and costs between $135,500 and $155,500, translating to approximately Rs 1.18 crore to Rs 1.35 crore. This initiative significantly contributes to the nation’s economy, making up nearly 30% of Vanuatu’s national revenue. Additionally, the program permits applicants to gain citizenship without needing to reside in the country.
In summary, Vanuatu’s Prime Minister has canceled Lalit Modi’s passport due to illegitimate reasons, as he faces legal issues in India. Modi’s acquisition of Vanuatu citizenship raises concerns related to his ongoing investigations for financial misconduct. The Vanuatu CBI program remains notable for its financial contribution to the country and lack of residency requirements.
Original Source: www.business-standard.com
