Fugitive Economic Offenders Bill, 2017

Fugitive Economic Offenders Bill, 2017

1- Fugitive Economic Offenders Bill, 2017 is approved by the The Union Law ministry .

2- This bill empower government to confiscate property of economic offenders and defaulters who flee from India.

3-  It was drafted in pursuance of Finance Minister Arun Jaitley’s 2017-18 Budget speech promising legislative changes or even new law to confiscate the assets of such fugitives. 

 Key Features of Bill

1- According to this act, The burden of proof for establishing that an individual is fugitive economic offender will be on authorities.

2- If against any individual warrant for arrest in relation to economic offence has been issued and that individual left the country and refused to return to India to face criminal prosecution then in this condition , It ( Fugitive Economic Offenders Bill, 2017 ) gives power to the government to confiscate his property.

3- But this bill will be applicable in only those cases where the value of offences is over 100 crore.

4- The bill has provision for appointment of an administrator to dispose off property of fugitive offfender to pay off the creditors. Besides, it has provisions to override provisions of other existing laws.

5- The bill entrusts responsibility to try such cases to the courts under Prevention of Money Laundering Act, 2002 (PMLA). 

Why we Need this Law ?

1-In the recent past, there have been instances of big-time offenders, including economic offenders, fleeing the country to escape reach of jurisdiction of Indian courts.

2- Vijay Mallya who owes over Rs 9,000 crore to various Indian banks, had fled India to escape legal proceedings in connection with the loans. Such cases have several deleterious consequences as it hampers investigation in criminal cases, wastes precious time of courts of law and undermines the rule of law of the country.