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 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 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 get the applicant eligible for permanent residence within 3 years. The golden visa lets candidates work, examine, or set up a enterprise in the United Kingdom.
The visa was issued reportedly years earlier than 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 Although Nirav Modi’s Indian passport has been revoked, it no longer affects his application for permanent residency inside the UK.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 on 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 His Indian passport was revoked in February 2018, but Modi reportedly stored usino journey till November 2018, before a red corner note becobecameued in opposition to him by Interpol. Now he cannot leave the UK. However, he maintains to run his enterprise from London. Reports advise Modi has been living 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 cease of February. The TOI report said that a new jewelry enterprise referred to as 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. n 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 specialized 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 one officer – fifty five-12 months-antique British accountant named Raju Thakorbhai Patel. He reportedly lives near his business in a swanky three-bedroom apartment really worth eight million pounds within the Centre Point tower block.