The United Cabinet on Thursday approved the Fugitive Economic Offenders Bill that allows confiscating assets of wilful bank loan defaulters with outstanding over Rs 100 crore and have fled the country.
The provisions of the bill applies for those offenders against whom a warrant has been issued in relation to an economic offence. The bill will override other legislations while dealing with economic offences, The Economic Times reported.
“The Fugitive Economic Offenders Bill 2018 has been brought to confiscation of assets of a fugitive, including benami assets,” Finance Minister Arun Jaitley told reporters. “There will also be the provision to confiscate those assets outside India but co-operation of that country will be needed.”
#CabinetDecision: Offences worth Rs.100 crore or more under the purview of the Fugitive Economic Offenders Bill, 2018 pic.twitter.com/kUxbwlO99e
— K.S. Dhatwalia (@DG_PIB) March 1, 2018
The approval comes at a time when jewellery designer Nirav Modi is believed to have left the country days before the Punjab National Bank fraud was revealed. Modi has been accused of defrauding the bank of Rs 12,703 crore. The billionaire, and his uncle Mehul Choksi, have not appeared before the Enforcement Directorate after being summoned. They claimed they cannot return since their passports have been revoked. (Scroll)
