Nirav Modi entered the United Kingdom on a ‘golden visa’ issued on his now-revoked Indian passport, said a Times of India document quoting UK government assets. It is a tier-1 investor visa issued to individuals from international locations outside the European Union and Switzerland. The golden visa is issued in opposition to investment of two million pounds in UK government bonds, percentage capital or corporations. Applicants, but, can’t invest in corporations engaged in property funding. The golden visa also lets in for the spouse and kids of the applicant to use for residency. The one time funding of 2 million pounds has to stay invested for at the least five years for the applicant to benefit permanent residency. The system can be expedited if the invested amount is higher. An funding of five million pounds can get the applicant eligibility for permanent residence within 3 years. The golden visa lets in candidates to work, examine, or set up a enterprise in the United Kingdom.
The visa was issued reportedly years earlier than the lid become blown over the PNB rip-off. Although Nirav Modi’s Indian passport has been revoked, it does no longer affect his application for permanent residency inside the UK. Nirav Modi has been at the run from Indian businesses when you consider that January 2018, after his involvement inside the Rs 14,000-crore PNB rip-off got here to light. His Indian passport become revoked in February 2018, but Modi reportedly stored using it to journey till November 2018, before a red corner note become issued in opposition to him by Interpol. Now he cannot leave the UK, however maintains to run his enterprise from London. Reports advise Modi has been living in London for the beyond numerous months, and has even commenced a new jewelry enterprise there. While the precise date of his access into UK isn’t always acknowledged, he reportedly flew in from New York towards the cease of February. The TOI report said that a new jewellery enterprise referred to as Diamond Holdings became tracked in the Centre Point London rental block, the equal locale where Modi is staying.
The employer was set up on May 24, 2018 and deals in wholesale of watches and jewelry, retail sale of watches and jewellery in specialised shops and specialized layout activities, the report stated. The registered address of the company is 4th ground Scottish Provident House, seventy six/80 College Road, Harrow HA1 1BQ, similar to Modi’s accountants Dattani Chartered Accountants. The company has simplest one officer – fifty five-12 months-antique British accountant named Raju Thakorbhai Patel. Nirav Modi isn’t indexed as a director of Diamond Holdings. He reportedly lives near his place of business in a swanky three-bedroom apartment really worth eight-million pound within the Centre Point tower block.