"Fugitive Economic Offender bill 2018", is passed by Lok Sabha, the bill now replace the "Fugitive Economic
Offender Ordinance - 2018" promulgated by the President.
Why such a bill is needed ?
There have been many instances of economic offenders fleeing and skipping the jurisdiction of Indian courts.
This indicates that existing civil and criminal provisions are not entirely adequate to deal with the severity of the problem, therefore government had to brought the "Fugitive Economic Offender bill 2018" in picture.
What is Fugitive Economic Offender bill - 2018 ?
The "Fugitive Economic Offender bill-2018" empowers a "Special Court" under the "Prevention of Money-laundering Act,
2002" to declare a person as a "Fugitive Economic Offender" and direct the Central government to confiscate
all the assets belonging to the offender.
Confiscated property also includes those assets that are proceeds of the crime and other property belonging to such offender
in India and abroad, including benami property.
According to bill a "Fugitive Economic Offender" is one who is trying to avoid criminal proceedings against him in India and
has left India to do so, or is already being abroad, refuses to return to India to face the charges.
To ensure that courts are not over-burdened, cases involving 100 crore rupees or more under frauds, cheque dishonour or
loan default will be covered under the bill.
Concerned government investigation agencies has to file an application before the Special Court for a declaration
that an individual is a fugitive economic offender, than a notice will be issued by the court to alleged individual.
The bill disqualifies a "fugitive economic offender" from availing the "Indian judicial system" for
"civil cases". The appointment of an administrator is also mandated under the proposed bill.