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Indian investor loses his passport – He was an executive of a company involved in a financial scandal

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Ινδoς επενδυτorς χεδαο–τλ εοετρεουεεει ε οικονομικσκνδαλο

The Cypriotization of Anubhav Aggarwal, a case for which the Nicolatos Committee recommended the revocation of citizenship and recently occupied the Government of India in the context of Cyprus Confidential, ends with a decision of Council of Ministers.

As informed by “F”, at the last meeting of the Council of Ministers the golden passport acquired by the Indian citizen in 2016 was removed.

The decision was made, based on the recommendations of the Investigative Committee of the Exceptional Naturalization of Foreign Investors and Businessmen under the chairmanship of Myronos Nikolatos, decided to deprive the investor Anubhav Aggarwal, his wife Svetlana Umarova and the their son Shivansh Aggarwal.

After being granted citizenship in 2016, Mr. Aggarwal was found to have been a director of the Indian company ARK Imports Private Limited between 2011-2014, which was involved in in a financial scandal in India.

It is noted that Mr. Aggarwal is involved in the National Spot Exchange Limited (NSEL) scam and being the “prime accused” in the Rs 3,600 crore NSEL scam, Aggarwal faced arrest in Abu Dhabi in August 2020, while in June 2020 the Enforcement Directorate (ED) seized his property.

In 2013 Indian Authorities were investigating him in the NSEL scam case involving scandal and he escaped arrest. Indian Police initiated criminal proceedings against him for fraud, but Anubhav Aggarwal escaped arrest and an international warrant was issued against him.

It is noted that the investor appears to have submitted false and/or misleading informationfor his activities, since he concealed in his application for exceptional naturalization the relationship with the company ARK and did not mention his involvement in criminal court proceedings. It is emphasized that Anubhav Aggarwal obtained the naturalization certificate by fraud, misrepresentation and concealment of material facts and that during the said period he was wanted internationally by Interpol for a serious criminal offense punishable by imprisonment of five years or more or for other serious an offense dishonorable or involving moral turpitude.

The Aggarwal family has been informed of the decision of the Cabinet to proceed with the issuance of an order of deprivation of citizenship against them and through their representatives have approached the Independent Commission for the Deprivation of Citizenship.

Lawyers for those affected argued that Anubhav Aggarwal was not wanted at the material time, but in 2018 the warrant was quashed. They also claimed that in 2013 he was not facing criminal proceedings against him and that the criminal proceedings started in 2017. Furthermore, they claimed that he was not related to Urban Group. They admitted that Anubhav Aggarwal had not disclosed his relationship with the ARK company but there was no fraud in the non-disclosure.

According to the Independent Commission, the Cabinet was satisfied by the reasons that Mr. Aggarwal obtained the naturalization certificate by fraud, misrepresentation and concealment of material facts, since he did not report anything in relation to measures taken by the Indian Police against him and the fact of his involvement in the financial scandal involved in the company ARK in which he was a director.

At the same time, the Independent Commission points out that Interpol has decided to cancel the red notice against him and therefore it cannot be a reason for depriving him of citizenship.

Source: www.philenews.com

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