Former IPL chairman Lalit Modi has officially surrendered his Indian passport and obtained citizenship of Vanuatu, a Pacific island nation known for its Citizenship by Investment (CBI) program. This development comes amid ongoing legal proceedings against him in India.
Why Lalit Modi Chose Vanuatu?
Vanuatu offers one of the fastest and most accessible citizenship-by-investment programs, attracting high-net-worth individuals. The program provides visa-free travel to numerous countries, making it a popular choice for global businesspersons.
Benefits of Vanuatu Citizenship
- Quick and straightforward application process
- No residency requirements
- Visa-free travel to over 130 countries
- Tax-friendly policies
Legal Proceedings Against Lalit Modi
Despite acquiring Vanuatu citizenship, Indian authorities continue to pursue legal action against Lalit Modi. The former cricket administrator has faced allegations related to financial irregularities, including:
- Money laundering
- Bid-rigging in IPL contracts
- Violation of the Foreign Exchange Management Act (FEMA)
Impact of Citizenship Change
While renouncing his Indian passport, Modi’s legal battles in India remain active. The Indian government has reiterated that changing citizenship does not affect ongoing investigations and extradition possibilities.
Can India Still Take Action?
Yes. The Ministry of External Affairs (MEA) has confirmed that Modi’s legal status in India remains unchanged, and efforts to bring him to justice will continue.
Conclusion: What’s Next for Lalit Modi?
With his new citizenship, Lalit Modi is expected to continue living overseas while handling legal matters remotely. However, his change of nationality raises questions about the effectiveness of legal actions against high-profile individuals accused of financial misconduct.
Stay updated on this developing story as authorities navigate the complexities of international law and extradition agreements.