Nirav Modi who fled India after being involved in a ₹13,000-crore bank fraud case was recently spotted in London.
While we all were left wondering how he managed to get into London, reports suggest that Nirav Modi apparently entered the UK on a ‘golden visa’, issued on his Indian passport.
A golden visa allows an investor from outside the European Union & Switzerland to make investments and settle in Britain.
These investors have to commit £2 million in bonds of the UK government.
The one-time investment of £2 million has to remain invested for five years before a visa holder becomes eligible for permanent residency. But this process can be accelerated if the investor invests more money.
According to a report by Telegraph, Modi is now believed to be running a new business in London which describes itself as a wholesale trader in watches and jewellery.