Sunday, October 25, 2020
Home News Reports Modi Government cracks down on scamsters: Promulgates Fugitive Economic Offenders Ordinance

Modi Government cracks down on scamsters: Promulgates Fugitive Economic Offenders Ordinance

In its endeavour to crack down on economic fugitives and attach their properties, the Union Cabinet on Saturday approved a proposal to annunciate Fugitive Economic Offenders Ordinance 2018, sources said. The ordinance seeks to confiscate properties of economic offenders, like Nirav Modi, who flee the country to avoid facing criminal prosecution.

The need for the Ordinance has arisen as there have been instances of economic offenders fleeing the jurisdiction of Indian courts, anticipating the commencement, or during the pendency, of criminal proceedings. The law is aimed at quickly recovering losses to exchequer or public sector banks in cases of frauds like the alleged USD 2 billion fraud by fugitive jeweller Nirav Modi.

With this Ordinance, corporate fugitives would be forced to return to India to face trial for scheduled offences. This would also help the banks and other financial institutions to achieve higher recovery from financial defaults committed by such offenders, improving the financial health of such institutions.

The provisions made under the Fugitive Economic Offenders Ordinance are:

1. Making an application before the Special Court for a declaration that an individual is a fugitive economic offender.

2. Attachment of the property of a fugitive economic offender and proceeds of crime.

3. The issue of a notice by the Special Court to the individual alleged to be a fugitive economic offender.

4. Confiscation of the property of an individual declared as a fugitive economic offender or even the proceeds of crime.

5. Disentitlement of the fugitive economic offender from defending any civil claim.

6. Appointment of an administrator to manage and dispose of the confiscated.

The Fugitive Economic Offenders Bill, 2018 was introduced in the Lok Sabha on March 12 but couldn’t be taken up due to the logjam in Parliament over different issues. With Parliament being adjourned sine die, an ordinance was proposed. The Union Cabinet yesterday approved the ordinance and the President today gave his assent to the promulgation of the same.

The statements reveal that “A Fugitive Economic Offender is a person against whom an arrest warrant has been issued in respect of a scheduled offence and who has left India so as to avoid criminal prosecution, or being abroad, refuses to return to India to face criminal prosecution.” However, only cases of frauds, cheque dishonour or loan default of over Rs 200 crore would come under this Ordinance.

This initiative taken by the government to curb economic offenders like bank fraudsters or loan defaulters comes as a revolutionary step aimed at deterring offenders from evading the process of law.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

Related Articles

Trending now

After Turkey President Erdogan says Macron ‘needs treatment’ over attitude to Muslims, Pakistanis trend #boycottfranceproducts on Twitter

Pakistani bots putting their weight behind Turkey president Erdogan's call of 'giving treatment' to French President Macron.

India Today releases a squint eyed statement, pats itself in the back for paying Rs 5 L to the court in TRP manipulation case,...

India Today has released a statement on the current TRP scam and it makes no sense.

“Allah will burn this woman in Hell”, Islamists attack TMC leader Nusrat Jahan for participating in Durga Puja

"You are the descendant of Satan -Evil. Don't you feel any shame for doing such dirty things?" an extremist commented on Nusrat Jahan for participating in Durga Pujo.

Times Now asked to air apology to Rahul Gandhi fangirl Sanjukta Basu for calling her ‘Hindu hater’, “We won”, she tweets

The directive to Times Now comes 19 months after Basu had filed a complaint with the NBSA.

Pakistan: Hindu temple vandalised during Navratri, idol of Hinglaj Mata broken by miscreants in Sindh

While taking cognisance of the despicable incident, the Sindh police have assured that they would nab the miscreants soon for vandalising the Hindu temple.

Maharashtra Police arrests Twitter user Sameet Thakkar over ‘Baby Penguin’ remark against Aaditya Thackeray

Twitter user Sameet Thakkar from Nagpur has been arrested for posting derogatory tweets against the Thackerays.

Recently Popular

‘He supplies drugs and girls’: Estranged wife of Mahesh Bhatt’s nephew Luviena Lodh alleges harassment by nephew-uncle duo

Luviena Lodh said that Mahesh Bhatt is the don of the industry, and he controls everything that goes on in the film industry

France: Charlie Hebdo cartoons projected on government building to express solidarity with deceased teacher who was beheaded by Islamic terrorist

Days after the barbaric beheading of teacher Samuel Paty on the streets of Paris by a terrorist for showing the cartoons of Prophet Mohammad to his students, support continues to pour in for the deceased teacher.

Radio Mirchi RJ finds space with radical preacher Zakir Naik as she waters down terms like ‘Kafir’ and ‘Jihad’

A video featuring Radio Mirchi RJ Sayema is doing rounds on the internet in which she was seen normalising anti-Hindu bigotry by legitimising the usage of radical Islamic terms as 'Kafir' and 'Jihad'.

‘Encounter specialist’ cop facing murder charges and reinstated by Param Bir Singh had joined Shiv Sena

Sachin Vaze, Pradeep Sharma, who were both 'encounter specialist' cops facing murder charges, were close to Mumbai CP Param Bir Singh

Faisal Khan says he wants to come out of brother Aamir Khan’s shadow who had earlier called him ‘mentally ill’

Faisal Khan said he will have to break out of his superstar brother's shadow and make his own decisions so that people recognise him as an individual

Exclusive: Conversation that shows how Mumbai Police is trying to coerce witness into naming Republic TV in TRP scam

While Hansa Research report and the FIR filed named India Today in TRP scam, in less than 24 hours, Mumbai Police had seemingly made up its mind that Republic TV was the culprit
- Advertisement -

After Turkey President Erdogan says Macron ‘needs treatment’ over attitude to Muslims, Pakistanis trend #boycottfranceproducts on Twitter

Pakistani bots putting their weight behind Turkey president Erdogan's call of 'giving treatment' to French President Macron.

Xitler: Activists campaign to shift the 2022 Winter Olympics away from China, pointing out how Hitler had used the 1936 games to promote himself

Hashtag #MoveTheGames is trending on Twitter to urge organizers to move venue for Winter Olympics 2022 out of China

India Today releases a squint eyed statement, pats itself in the back for paying Rs 5 L to the court in TRP manipulation case,...

India Today has released a statement on the current TRP scam and it makes no sense.

News Broadcasters Association asks Republic journalists not to cross ‘Lakshman Rekha’, says their journalism is toxic and unethical

NBA issues statement in Mumbai Police-Republic TV clash, says it does on agree with the channel while paying lip service to freedom of speech

“Allah will burn this woman in Hell”, Islamists attack TMC leader Nusrat Jahan for participating in Durga Puja

"You are the descendant of Satan -Evil. Don't you feel any shame for doing such dirty things?" an extremist commented on Nusrat Jahan for participating in Durga Pujo.

Times Now asked to air apology to Rahul Gandhi fangirl Sanjukta Basu for calling her ‘Hindu hater’, “We won”, she tweets

The directive to Times Now comes 19 months after Basu had filed a complaint with the NBSA.

Pakistan: Hindu temple vandalised during Navratri, idol of Hinglaj Mata broken by miscreants in Sindh

While taking cognisance of the despicable incident, the Sindh police have assured that they would nab the miscreants soon for vandalising the Hindu temple.

Maharashtra Police arrests Twitter user Sameet Thakkar over ‘Baby Penguin’ remark against Aaditya Thackeray

Twitter user Sameet Thakkar from Nagpur has been arrested for posting derogatory tweets against the Thackerays.

Congress MLA Jitu Patwari insults Shivraj Singh Chouhan while boasting of Kamal Nath’s industrialist friends

Congress MLA Jitu Patwari while addressing a rally in Mandhata referred to Chief Minister Shivraj Singh Chouhan as Kamal Nath's 'pair ki dhool' (unworthy).

Dear Rahul Gandhi, time to go to Baran to fight for justice of those minor girls whose rape was denied by Rajasthan CM

Rajasthan Chief Minister Ashok Gehlot had denied the Baran rape case saying that the victims had gone with the culprits willingly

Connect with us

245,563FansLike
468,206FollowersFollow
19,200SubscribersSubscribe