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States » NorthPosted at: Jan 2 2019 5:04PM


Punjab cabinet gives nod to Fugitive Economic Offenders Act

Chandigarh, Jan 2 (UNI) Tightening the noose around the necks of absconding economic offenders, the Punjab Cabinet led by Chief Minister Captain Amarinder Singh on Wednesday gave the nod to republish the Fugitive Economic Offenders Act, 2018, which has already been approved by the Parliament, with a view to attaching and confiscating their properties and assets.
A spokesperson of the Chief Minister's Office said the Act would empower authorities to attach and confiscate properties and assets of the economic offenders, such as loan defaulters, who had fled the country.
After the Rs 13,000 crore Punjab National Bank scam allegedly by diamond merchants Nirav Modi and Mehul Choksi, it had become apparent that the existing civil and criminal provisions were not entirely adequate to deal with the severity of the problem.
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