Fugitive businessman Lalit Modi applies to surrender Indian passport, acquires citizenship of THIS country

Lalit Modi -- fugitive businessman and former chairman of the Indian Premier League (IPL) -- has acquired the citizenship of Vanuatu, a tiny country of islands in the Pacific Ocean. He has also applied to surrender his Indian passport, according to a statement from the Ministry of External Affairs (MEA).

"Lalit Modi has made an application for surrendering his passport in the High Commission of India, London. The same will be examined in light of extant rules and procedures," Randhir Jaiswal, a ministry spokesperson, said in a media briefing on Friday, March 7.

Indian authorities continue to pursue the case against him "as required under law," Jaiswal added.

Modi -- the face behind the inception of the world's most valuable cricket league -- has been under investigation by various Indian agencies, including the Enforcement Directorate (ED), for financial cases related to the IPL.
Allegations against him include foreign exchange violations and cheating in a Rs 425 crore overseas telecast rights deal for IPL 2009.

Shortly after IPL 2010, the Board of Control for Cricket in India (BCCI) suspended Modi for alleged misconduct, indiscipline, and financial irregularities. The cricket board later banned him for life.

After attending just one interrogation session with Income Tax and ED officials, Modi fled to the United Kingdom in May 2010. He has since been living in London.