New Delhi, Apr 22 (UNI) President Ram Nath Kovind on Sunday promulgated Fugitive Economic Offenders' Ordinance 2018 to deter economic offenders who dodge the present procedures of Indian laws..
The Union Cabinet, chaired by Prime Minister Narendra Modi, had on Saturday approved promulgation of the Ordinance.
The Ordinance would lay down the measures to empower Indian authorities to attaché, confiscate the proceed of crime with the economic offenders and thereby deter them from evading the law by remaining outside India.
The new regulation is expected to re- establish rule of law with respect to fugitive economic offenders as they would now be forced to return India to face trial for committed offences,
This will enable the banks and other financial institutions to greater recovery from financial frauds committed by them.
The proposed regulation makes provisions for ‘Special Court’ under the Prevention of Money Laundering Act 2002 to declare a person as fugitive economic offender.
A fugitive economic offender is a person against whom an arrest of warrant has been issued in respect to a ‘Schedule Offence’ and he or she has left India as to avoid criminal prosecution
.A schedule offence refers to a list of economic offences containing in the Schedule to this Ordinance.
The proposed regulation will also ensure that such cases of Rs 100 crore or more will be prosecuted in these courts to avoid pendency.
The Government’s move comes after the series of economic offenders have left country to avoid the legal procedures against them.
The Ordinance is seen as an attempt by the government to crack whip on fugitive economic offenders like Lalit Modi, Vijay Mallya, Neerav Modi and Mehul Choksi.
UNI AR ADG 1603