Fugitive Economic Offender Nirav Modi Gained A VIP Entry Into UK Via ‘Golden Visa’ Meant For Investors
Fugitive economic offender Nirav Modi entered the United Kingdom (UK) through the ‘golden visa’, a tier-1 (investor) visa issued by the British government to investors outside the European Union, reports Economic Times (ET).
To gain the Tier 1 (investor) visa, applicants are required to invest £2 million in UK government bonds, share capital or loan capital in active and trading UK registered companies. However, investments in companies engaged in property investment will not be counted for visa requirements.
This visa then allows temporary residency in the UK to the investors and their immediate family. Also, after two years applicants can invest £10 million to settle permanently (or £5 million after three years) or without any further investment, extend and wait the five years.
Everywhere But India
Diamantaire Nirav Modi fled the country in January 2018 when details of the Rs 14,000 crore scam at the state-run Punjab National Bank (PNB) starting making headlines in the Indian media. Following this, Enforcement Directorate (ED) had filed a petition with a CBI court to declare him a fugitive economic offender.
Though the exact date of Nirav Modi’s entry into the UK has not been discovered, it is alleged that he flew in from New York to the UK capital in February (2018). It is also reported that he was spotted at a luxury hotel in New York around that time.