Yak Pnb Scam Lawsuit : 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 start March 5, empowers the authorities to confiscate whatever holding owned yesteryear 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 Blue Planet or non returning to aspect upwardly trial. This police is expected to help banks together with other fiscal institutions laissez passer higher recovery from fiscal defaults.

Important Highights of Fugitive Economic Offenders Bill

• A fugitive economical offender is a individual against whom an arrest warrant has been issued together with who has left Bharat to avoid criminal prosecution together with refuses to return.
  
• This billl volition help deter economical offenders from evading the police yesteryear staying exterior the jurisdiction of Indian courts.
• The holding of the offender volition live on seized inward Bharat together with abroad, including those that are proxy-owned.
• Under the proposed law, the defendant volition live on given a jeopardy to province their case, which volition include an appeal inward the high court.
• The government's movement comes amongst an investigation into what is believed to live on a Rs. 12,000 crore swindle yesteryear jewelers Nirav Modi together with Mehul Choksi, who were able to larn simulated Punjab National Bank guarantees to enable them to marker 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 besides equally wilful banking enterprise loan defaulters with outstanding over Rs 100 crore.
• The economical offenders volition live on tried nether prevention of coin laundering act.

sponsored links

Share this post