Cabinet clears Fugitive Economic Offenders Bill for confiscating fugitives' assetsLast updated on Mar 01, 2018, 06:54 pm
The Union Cabinet has approved a stringent Fugitive Economic Offenders Bill that provides for confiscating assets without conviction in cases where economic offenders flee the country.
The much-needed Bill, aimed at deterring economic offenders like Nirav Modi from fleeing or not returning to face trial, is likely to be brought before Parliament in the second-half of the budget-session beginning 5 March.
Economic offenders to be tried under PMLA
The provisions of the Bill will apply for economic offenders who refuse to return, including persons against whom an arrest warrant has been issued for a scheduled offense as well as willful bank loan defaulters with outstanding over Rs. 100 crore.
It provides for confiscating assets even without conviction and paying off lenders by selling off the fugitive's properties.
- Union Cabinet