The draft ‘Fugitive Economic Offenders Bill, 2017’
- G.S. Paper 2
- It will help in better understanding of Fugitive Economic Offender and the proposed bill.
- Recently the finance ministry has sought public comments on the draft the Fugitive Economic Offenders Bill, 2017.
- The bill comes against the condition of India seeking the exile of Vijay Mallya from the U.K. for defaulted loans to banks.
Who is a Fugitive Economic Offender?
- A person having an arrest warrant issued due to a scheduled offence and who,
- Leaves or is leaving India to avoid any criminal prosecution or
- Refuses to return India to face criminal prosecution.
Fugitive Economic Offenders Bill, 2017
- The bill provides for measures to prevent economic offenders from evading the process of Indian Law by remaining outside the jurisdiction of Indian courts, thereby preserving the sanctity of the rule of law in India.
- The act extends to the whole of India.
- The bill provides for the setting up of special courts under the Prevention of Money Laundering Act that would have the power to declare a person as a fugitive economic offender.
- If the offender returns to India and surrenders before the appropriate jurisdiction, proceedings under the act would cease by law.
- The main consequences faced by the offender will be;
- Confiscation of any property that is a proceed of crime of the accused
- Any other property owned by such person in India