New Delhi: The Cabinet on Thursday approved a
stringent Fugitive Economic Offenders Bill that provides for
confiscating assets without conviction in cases where economic
offenders flee the country.
The bill is aimed at deterring economic offenders like
jeweller Nirav Modi from fleeing the country or not returning
to face trial.
Official sources said the Cabinet headed by Prime
Minister Narendra Modi approved the bill, which is likely to
be brought before Parliament in the second half of the budget
session beginning March 5.
The provisions of the bill will apply for economic
offenders who refuse to return. Persons against whom an arrest
warrant has been issued for a scheduled offence as well as
wilful bank loan defaulters with outstanding over Rs 100
crore.
It provides for confiscating assets even without
conviction and paying off lenders by selling off the
fugitive's properties.
Such economic offenders will be tried under prevention of
money laundering act, they said. PTI
