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4000 millionaires reported to shift abroad in 2015

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New Delhi: India has seen the fourth-biggest outflow of high net worth individuals globally in 2015 with shifting of 4,000 millionaires overseas, says a report.

According to a report by New World Wealth, some 4,000 uber-rich Indians have changed their domicile in 2015, while France saw the maximum outflow of millionaires with as many as 10,000 super rich leaving the country.

The report however noted that the migration of super rich from China and India is not a “concern”.

“The outflows from India and China are not particularly concerning as these countries are still producing far more new millionaires than they are losing,” the report said and added that “once the standard of living in these countries improves, we expect several wealthy people to move back.”

In terms of countries ranked by millionaires outflow, France was followed by China in the second place with 9,000 millionaires leaving the country while for Italy, at third position, the figure stood at 6,000.

On France, the report said, the country is being heavily impacted by rising religious tensions between Christians and Muslims, especially in urban areas.

“We expect that millionaire migration away from France will accelerate over the next decade as these tensions escalate,” the report said.

It further noted that other European countries where religious tensions are starting to emerge such as Belgium, Germany, Sweden and the UK will also be negatively affected in the near future.

Other countries that saw significant millionaire outflows include Greece (3,000), while Russian Federation, Spain and Brazil saw 2,000 such outflows each.In terms of millionaire inflows, Australia topped the chart as it saw as many as 8,000 uber rich people shifting base there, followed by the US (7,000) and Canada (5,000) in the second and third place respectively.

 Millionaires, otherwise known as “high net-worth individuals” or “HNWIs” refer to individuals with net assets of $1 million or more excluding their primary residences.
Credits: Times Of India

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US Officials Made ‘Fake’ Facebook Profiles to Nab Indians

The social network has also contacted the Department of Homeland Security about its policy on fake accounts

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Facebook
Facebook, social media. Pixabay

Facebook has said that the US Immigration and Customs Enforcement (ICE) violated its guidelines by creating fake profiles on its platform tied to the University of Farmington — a sham institution that left over 600 students, 90 per cent of them Indians, in detention.

The Facebook profiles were allegedly created by the ICE’s Homeland Security Investigations (HSI) division, the Guardian reported on Thursday.

“Law enforcement authorities, like everyone else, are required to use their real names on Facebook and we make this policy clear on our public-facing aLaw Enforcement Guidelines’ page,” a Facebook representative told the daily.

“Operating fake accounts is not allowed, and we will act on any violating accounts.”

The University of Farmington had a website as well as Facebook and Twitter accounts – but did not have a campus or faculty.

About 600 foreign students had enrolled with the fake university floated by the US authorities under a sting operation. More than 80 per cent of these students were from the two Telugu states of Andhra Pradesh and Telangana.

“In a network of suspicious Facebook accounts linked to the University of Farmington, the college’s alleged president, Ali ‘AJ’ Milani, liked the Michigan Jaguars sports club and had a 51-person friend list that was mostly people from South Asia,” the report claimed.

“Carey Ferrante, who did not list any link to the school but had interactions with persons interested in it, posted three photos of herself that were actually stock photos and sent Facebook messages to at least one person,” it added.

Facebook
Facebook App on a smartphone device. (VOA)

Facebook has now removed the University of Farmington accounts.

Each student had paid $20,000 to $25,000 to get enrolled in the fake university, which recruited students in 26 states across the US.

Confirming that 172 students have been arrested for civil immigration violations in the case, ICE’s north-east regional communications director Khaalid Walls declined to comment on the Facebook accounts.

The social network has also contacted the Department of Homeland Security about its policy on fake accounts.

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The US immigration officials kept 129 Indian students in “administrative detention” and arrested eight recruiters involved with the university.

At least 30 students from Andhra Pradesh and Telangana returned from the US in February. They were those who were not detained or served notices by the US authorities in the “pay-to-stay” fake university scam.

The External Affairs Ministry had issued a demarche to the US Embassy in New Delhi asserting that the students “have been duped into enrolling in the ‘university’ (and) should be treated differently from those recruiters who duped them”. (IANS)