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Diamond dealer Nirav Modi applied for a Maltese passport in 2017. At the time, the billionaire was facing charges in India for tax evasion, fraud, and import violations for allegedly diverting high-quality diamonds to the domestic market duty-free, while exporting lower-quality diamonds.

“Reputational risk”

Citing these charges in April 2017, Henley & Partners decided not to proceed with Mr Modi's application because it “would pose undue reputational risk and/or disrepute” to the firm. However, a senior manager then told Mr Modi's representative in an email that they would be able to review Modi's case if he had “supporting documentation” to address their concerns. The representative provided a response which the Managing Partner at Henley & Partners in Malta copied into a letter to Identity Malta, requesting “guidance” on how to proceed with the application.

The allegations against Modi

Mr Modi was arrested in the UK in March 2019 on a slew of charges related to a $2 billion fraud investigation at Punjab National Bank. His Swiss bank accounts were frozen. As of March 2021, he is still awaiting extradition to India. In a briefing on 05 March 2021, the spokesperson for India's Ministry of External Affairs said: "Westminster Magistrate Court pronounced their judgement on 25 February in this extradition case, their recommendation has been sent to the UK secretary of state for home [affairs] and we are currently in talks with the UK Government for his extradition."

Henley & Partners declined to comment on Nirav Modi's application but said they “are committed to complying with all applicable laws and regulations”. Punjab National Bank could not be reached. Nirav Modi did not respond to multiple requests for comment. He has not been issued with a Maltese passport.