New Delhi: The Fugitive Economic Offenders Bill has been passed in the Rajya Sabha. The bill is aimed at preventing loan defaulters and financial frauds from evading legal process and fleeing the country.
It was passed in the Lok Sabha a week before, following a heated debate between the government and the opposition.
The bill allows confiscation of properties and assets of economic offenders who flee the country. If a person has been found involved in any offence with a value over Rs 100 crore and has fled the country and refuses to face prosecution at home, he/she will be tagged as a fugitive economic offender.
On April 21, the Union Cabinet had passed the proposal to promulgate Fugitive Economic Offenders Ordinance 2018.