Pnb Scam Upshot : Govt Approves Fugitive Economical Offenders Bill

To bargain with those banking fraudsters who are escaping overseas to avoid getting caught, the Union Cabinet today proved the Fugitive Economic Offenders Bill. This bill, which is probable to live on brought earlier Parliament inward the minute one-half of the budget session starting fourth dimension March 5, empowers the authorities to confiscate whatever belongings owned past times such persons in India. The neb is aimed at deterring economical offenders similar Jeweller Nirav Modi, Indian Premier League founder Lalit Modi and liquor tycoon Vijay Mallya,  from fleeing the province or non returning to facial expression upwards trial. This police pull is expected to aid banks as well as other fiscal institutions scope higher recovery from fiscal defaults.

Important Highights of Fugitive Economic Offenders Bill

  • A fugitive economical offender is a mortal against whom an arrest warrant has been issued as well as who has left Republic of Republic of India to avoid criminal prosecution as well as refuses to return.
  • This billl volition aid deter economical offenders from evading the police pull past times staying exterior the jurisdiction of Indian courts.
  • The belongings of the offender volition live on seized inward Republic of Republic of India as well as abroad, including those that are proxy-owned.
  • Under the proposed law, the defendant volition live on given a run a peril to province their case, which volition include an appeal inward the high court.
  • The government’s motion comes with an investigation into what is believed to live on a Rs. 12,000 crore swindle past times jewelers Nirav Modi as well as Mehul Choksi, who were able to larn mistaken Punjab National Bank guarantees to enable them to marking credit from banks overseas.
  • The provisions of the neb volition apply for economical offenders whom an arrest warrant has been issued for a scheduled offence too equally wilful banking concern loan defaulters with outstanding over Rs 100 crore.
  • The economical offenders volition live on tried nether prevention of coin laundering act.
sponsored links

Leave a Reply