The Cabinet has given its approval for the Fugitive Economic Offenders Bill. The bill was brought about by the Centre after several persons including Nirav Modi and Vijay Mallya fled the country after defrauding banks.
The Bill was cleared by the Union Law Ministry recently and then placed before the Cabinet. The Cabinet on Thursday gave its nod to the much needed bill.
What the bill states:
The Bill states that the properties of those fleeing the country will be confiscated in cases involving more than Rs 100 crore. A draft of the Bill was circulated in May last year seeking comments from all stakeholders.
The Bill was cleared by the Law Ministry with recommendations on reconciliation of provisions with the existing laws. The move came following the Vijay Mallya incident. Mallya who owes banks more than Rs 9,000 crore had fled the country.
The Bill also goes on to define a fugitive economic offender as an individual against whom an arrest warrant has been issued and who has either left the country or refuses to come back to face prosecution.