The 'golden' touch that enabled Nirav Modi's flight to the UK

According to a report, Nirav Modi entered the UK on a 'golden visa,' which allows rich investors outside the European Union and Switzerland to make investments and settle in the UK. 

Published: 15th March 2019 05:59 PM  |   Last Updated: 15th March 2019 05:59 PM   |  A+A-

Nirav Modi

Nirav Modi

By Online Desk

Diamond merchant Nirav Modi, accused in the Rs 13,500 crore PNB scam, was recently spotted in London sporting an ostrich hide jacket worth Rs 9 lakh. 

Ever since these reports of him living in the city's theatre district surfaced, the one question that everyone puzzled over was how he managed to get a visa. We now have the answer.

According to a newspaper report, Modi entered the UK on a 'golden visa,' a tier 1 visa which allows rich investors outside the European Union and Switzerland to make investments and settle in the UK. 

A person is eligible to apply for the golden visa if he can invest £2 million in UK government bonds or shares of a company, sources said.

With a golden visa, a person can work, study or set up a business in the UK. The investment should remain for five years in order to be eligible for permanent residency. The process can be accelerated by investing more money. Modi is reportedly involved in a new diamond business in Britain.

The diamantaire's residence is reportedly worth £8 million. The rent for a similar apartment in the building comes to approximately £17,000 a month.

Modi and his uncle Mehul Choksi are under probe by both the Central Bureau of Investigation (CBI) and the ED. The ED filed money laundering cases against them and others on February 15 on the basis of an FIR registered by the CBI.

The ED has till date attached properties worth Rs 4,765 crore of Choksi and Modi.

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