Fugitive Economic Offenders Bill 2018 | Everything You Must Know

Know Fugitive Economic Offenders Bill 2018. Check out 5 things you must know about India's Fugitive Economic Offenders Bill 2018.

India's Fugitive Economic Offenders Bill, 2018

A new chapter was written in the history of India where the much-required Fugitive Economic Offenders Bill 2018 was approved by the cabinet. Here are 5 points about the recently introduced Fugitive Economic Offenders Bill 2018.

Why the Fugitive Economic Offenders Bill 2018 Introduced?

On many occasions, it has been noticed that economic offenders escape easily after committing economic fraud/scam in India. Recently the biggest scams India has witnessed are King Fisher's Owner Vijay Mallya and Nirav Modi's 11,500 crore PNB scam. In the backdrop of these scams where the offenders had escaped from the law, the Indian government has brought the Fugitive Economic Offenders Bill 2018.

What is the Fugitive Economic Offenders Bill?

The Fugitive Economic Offenders Bill 2018 aims to prosecute the economic offenders who fly away to another country from where the Indian law can do nothing. Following are the salient features of the Fugitive Economic Offenders Bill 2018.

• A case will be filed before the special court to declare a person as a fugitive economic offender where the person has committed an economic offence of more than 100 crore rupees.
• Property of the offender will be attached.
• Special Court will issue a legal notice to the person who is declared as a fugitive economic offender.
• Property of the fugitive economic offender which is inside India or outside India will be confiscated.
• The fugitive economic offender will be barred from defending any civil claim.
• Confiscated property of the fugitive economic offender will be disposed off by an administrator.

If a person who has been declared as a fugitive economic offender returns to India and surrenders before the court, then he will be entitled to file his reply and can fight legally.

So with the implementation of the Fugitive Economic Offenders Bill 2018, the Indian government aims to tighten the law against wilful economic offenders who at present escape the legal proceedings by taking refugee at other countries.