Union Cabinet Approves Fugitive Economic Offender Bill, 2017

Today Union Cabinet approved the Fugitive Economic Offender Bill, 2017 after much criticism against the Government has been raised by various corners as Nirav Modi has gone out of India even before the scam entered into a spot light. All the Economic Offenders involved in big scams are mostly out of India. Lalit Modi, Vijay Mallaiya, Nirav Modi etc. are on the top of the list. Common Man’s thought that they are not in a position to get even any genuine loans, but big loans are granted even without any security. The ultimate loss due to such scam shouldered only by a common by way of taxes and inflationary pressures.

Now the Government has approved the Bill for the purpose of securing the assets of the Economic Offenders in an easy way and to extradite such Economic Offenders from foreign countries.

The Bill is called as Fugitive Economic Offender Bill, 2017.  Section 4(e) defines Fugitive Economic Offender. As per this section , 4(e)

“fugitive economic offender” means any individual against whom a warrant for arrest in relation to a scheduled offence has been issued by any court in India, who:
(i) leaves or has left India so as to avoid criminal prosecution; or
(ii) refuses to return to India to face criminal prosecution

Only the Special Court is empowered to declare who are all Fugitive Economic Offender.

“Special Court” means a court of session designated as Special Court under Section 43(1) of the Prevention of Money Laundering Act, 2002.

Special Court can make such declaration only on an application by a Director appointed under section 49(1) of Money Laundering Act. Such declaration can be made only after issuance to notice to the parties concerned. In the meanwhile, the Director is entitled to attach the properties of such persons, who needs to be declared as Fugitive Economic Offender. The special Court is empowered to order for confiscation of the properties of such Fugitive Economic Offenders as per the provisions of the Bill.

Hope this bill bring atleast our money. Now Fight is for bringing white money.

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