Government may bring ordinance to curb fraud fugitives

NEW DELHI: The executive might go for the ordinance path to crack down on financial fugitives and attach their properties in a bid to convey them to guide.

In March, the Cabinet cleared the Fugitive Economic Offenders Bill to crack down on instances involving Rs 100 crore or more in a bid to act towards the ones accused of defrauding banks and fleeing the country to avoid going through the legislation.

The executive believes the provisions have been drafted in a way that folks such as Vijay Mallya, Nirav Modi and Mehul Choksi, who fled the country sooner than the legislation is enacted may also be acted upon. While the government had hoped to push the legislation throughout the second one half of the funds session, it failed to take action due to disruptions in both Houses of Parliament which saw little industry getting transacted.

Asection throughout the executive is raring that efforts should be made to get the bill passed in the monsoon session. The move will lend a hand the government send a clear message that it's desirous about the move and can lend a hand it begin motion in numerous instances.

The bill proposes for utility sooner than a special courtroom for declaration of an individual as a fugitive financial culprit. This will enable attachment of property of the “fugitive financial culprit” and confiscation of property from the proceeds of crime.

The plan is to allow confiscation of property in India and out of the country. The executive proposed disentitlement of the fugitive financial culprit from defending civil claims and an appointed administrator to control and eliminate confiscated property.
Government may bring ordinance to curb fraud fugitives Government may bring ordinance to curb fraud fugitives Reviewed by kailash soni on April 17, 2018 Rating: 5
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