Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Warning (2): Cannot modify header information - headers already sent by (output started at /home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php:853) [CORE/src/Http/ResponseEmitter.php, line 148]
Warning (2): Cannot modify header information - headers already sent by (output started at /home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php:853) [CORE/src/Http/ResponseEmitter.php, line 181]
LATEST NEWS UPDATES | Cash and carry country -V Kumara Swamy

Cash and carry country -V Kumara Swamy

Share this article Share this article
published Published on Feb 17, 2019   modified Modified on Feb 17, 2019
-The Telegraph

The growing trend of India's super rich shopping offshore for citizenships of convenience

Mehul Choksi is not keeping well. Or so the absconding billionaire and uncle to the absconding diamantaire, Nirav Modi, told the Enforcement Directorate when he was asked to appear in a Mumbai court not long ago.

It is a pity, for had Choksi been in better health, he would have been able to enjoy his new country, Antigua and Barbuda, to its fullest. He would have been able to visit a new beach every day of his very first year as citizen — Antigua and Barbuda has, after all, 365 beaches.

According to the island country’s government, Choksi applied for its citizenship-by-investment programme in November 2017. Choksi, who along with Modi, allegedly cheated the Punjab National Bank of over Rs 13,000 crore, made an investment of $4,00,000 (nearly Rs 3 crore) in Antigua. By January 2018 he got a new passport. He went missing from India soon after; the Interpol issued a Red Corner Notice against him in December. He returned the Indian passport last month.

Neither Choksi nor his lawyer, David Dorsett, responded to repeated queries by The Telegraph, but it seems Choksi window-shopped for a new citizenship a good while before he zeroed in on Antigua and Barbuda. And he was not the only one with the bright idea. In 2017 and 2018, many of India’s ultra-rich either went around shopping for new passports or looking for a permanent residence outside India. Johannesburg-based wealth consultancy New World Wealth pegs the figure at 7,000 for 2017. The figures for 2018 are yet to be released.

Please click here to read more.

The Telegraph, 17 February, 2019, https://www.telegraphindia.com/india/cash-carry-country/cid/1684707?ref=india_india-page


Related Articles

 

Write Comments

Your email address will not be published. Required fields are marked *

*

Video Archives

Archives

share on Facebook
Twitter
RSS
Feedback
Read Later

Contact Form

Please enter security code
      Close