PM Narendra Modi sanctioned the proposal of the Finance ministry to start Fugitive Economic Offenders Bill, 2018. This bill will help to detain economic offender under the condition of Indian law. Govt of India clears this bill only to stop or reduce the financial scam in India. A lot of financial scams is going on in India especially in Financial and non-financial Institution. To take care of the financial institutions of India this Bill will give a favorable support. This bill will enforce on the offense of 100 crores or above scam in India. it will help to recover huge amount after the scam by the defaulter. This bill will enforce the law against the offenders those who left India and went abroad to escape from criminal prosecution. Now a special forum will also create by the govt. to enforce the bill and do rapid action under the law. It will become a strong deterrent against the person fleeing the country after scam.
- Safeguard the Financial or banking institution.
- Control the big scams in India.
- Enforce the rule of Law
- Provide high recovery for the offender who went abroad after scam.
Who is the Fugitive economic offender?
A Fugitive Economic Offender refers to a person against whom Court issued an arrest warrant in respect of offense and also who have left India and went abroad to avoid criminal prosecution.
- Property of offender also plugged with the application.
- The issue of a notice to the individual to be an offender
- A ceiling of property or auction of property of the offender.
- Even other all properties of the offender is claimed to be the Benami property.
- The offender cannot do any claim against property under a civil suit.
Fugitive Economic Offenders Bill enforces the law as well as encourage the investigation parties to fulfill the economic loss done by the offender and went abroad. It will help to safe Financial Institutions of India