With the likes of Nirav Modi and Vijay Mallya fleeing the country after defrauding banks, the Fugitive Economic Bill is likely to be brought about by the Centre.
The Bill has been cleared by the Union Law Ministry and the Centre is likely to set it in motion. The Bill has the provision to confiscate assets of those persons who flee the country to evade prosecution.
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.