• search

To seize assets of fleeing offenders, Centre comes with Fugitive Economic Bill

By Vicky
Subscribe to Oneindia News
For Quick Alerts
Subscribe Now
For Quick Alerts
ALLOW NOTIFICATIONS
For Daily Alerts

    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.

    Vijay Mallya and Nirav Modi

    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.

    OneIndia News

    For Breaking News from Oneindia
    Get instant news updates throughout the day.

    X
    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more