India has made it clear that the world is presently combatting another serious emerging challenge of Fugitive Economic Offenders and Assets which flee across national jurisdictions.
Daily Current Affairs Quiz 2021
Union Minister Dr Jitendra Singh addressed the Special Session of the UN General Assembly on international cooperation to combat the challenge of Fugitive Economic Offenders and Assets.
India’s Fugitive Economic Offenders Act 2018 law empowers authorities for non-conviction-based attachment and confiscation of proceeds of crime and properties and assets of a ‘fugitive economic offender’ –against whom a warrant for arrest in relation to a Scheduled Offence has been issued by any court in India and who has left the country to avoid criminal prosecution or judicial processes.
The bill was passed by both the houses of Parliament in 2018 after the Nirav Modi–PNB fraud worth more than ₹12,000 crore and Vijay Mallya having fled the country to avoid being arrested for economic fraud.
FEO is defined as an individual who has committed a scheduled offence (economic offences contained in the Schedule to this Bill) or offences involving an amount of 100 crore rupees or more and has absconded from India or refused to come back to India to avoid or face criminal prosecution in India.
It proposes to establish a special court under the Prevention of Money-laundering Act, 2002. It will be able to declare an alleged fraudster a fugitive economic offender.
