In the ongoing monsoon session of the Parliament, the House has passed the Fugitive Economic Offenders Bill on Wednesday. The Bill will grant the government power to bring back runaway economic offenders and frauds like Vijay Mallya, Nirav Modi as well as Mehul Choksi.
The Parliament’s monsoon session is turning out fruition with passing of a number of important bills and acts despite heated debates between the government and the Opposition in Lok Sabha. On Wednesday, the Parliament came together to pass the Fugitive Economic Offenders Bill, 2018 that prevents loan defaulters and financial frauds from evading legal procedures in the country by fleeing to foreign nations. The Bill was proposed by the Union Cabinet on April 21 in the wake of a number of economic fraud and loan defaulter incidents in the likes of billionaires like Mallya-Modi-Choksi.
The Fugitive Economic Offenders Bill allows the government to seize properties and assets of money frauds who flee the country to evade legal actions against them. The Bill also allows the authorities to tag the individual as a fugitive economic offender if they have been involved in any offence of value over Rs 100 crore, have fled the country and refuse return to India to face prosecutions; and also confiscate the property and assets of that offender. All-in-all, the Bill is designed to bring back fugitives involved in white-collar crimes and face legal trials in India.
Passed by the Parliament, the bill will become a law after the President’s approval and this will be a big trouble for fugitives and runway economic criminals who have fled from the country despite arrest warrants issued on them. Armed with the ordinance, the Central Bureau of Investigation and Enforcement Directorate has already started procedure to procure and implement the rules of new Bill on three biggest money offenders in India by tagging Mallya, Modi and Choksi as fugitives.