Nirav Modi entered the United Kingdom on a ‘golden visa’ issued on his now-revoked Indian passport, according to 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 ticket is issued in opposition to two million pounds in UK government bonds, percentage capital, or corporations. Applicants can’t invest in corporations engaged in property funding. The golden visa also allows the spouse and kids of the applicant to use it for residency. The one-time grant of 2 million pounds has to stay invested for at least five years for the applicant to benefit from permanent residency. The system can be expedited if the invested amount is higher. Funding of five million pounds can make the applicant eligible for permanent residence within three years. The golden visa lets candidates work, examine, or set up an enterprise in the United Kingdom.
The visa was reportedly issued years before the lid was blown over the PNB rip-off. Although Nirav Modi’s Indian passport has been revoked, it no longer affects his application for permanent residency inside the UK. Nirav Modi has been running from Indian businesses since January 2018, after his involvement in the Rs 14,000-crore PNB rip-off got to light. His Indian passport was revoked in February 2018, but Modi reportedly stored his journey till November 2018, before a red corner note became in opposition to him by Interpol. Now, he cannot leave the UK. However, he continues to run his enterprise from London. Reports advise Modi has lived in London for numerous months and has even commenced a new jewelry enterprise there. While the precise date of his access into the UK isn’t always acknowledged, he reportedly flew in from New York towards the end of February. The TOI report said that a new jewelry enterprise called Diamond Holdings became tracked in the Centre Point London rental block, the equal locale where Modi is staying.
Nirav Modi isn’t indexed as a director of Diamond Holdings. On May 24, 2018, the employer was set up and dealt in wholesale of watches and jewelry, retail sale of watches and jewelry in specialized shops, and technical layout activities, the report stated. The company’s registered address 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 the simplest officer – a fifty-five-12 months-antique British accountant, Raju Thakorbhai Patel. He reportedly lives near his business in an expensive three-bedroom apartment worth eight million pounds within the Centre Point tower block.