In the last year 2017, when vijay mallya had fled away from the India for avoiding arrest because of ecomic fraud by him in India then Arun jaitley had declared that the government will soon make law, which will allow the state to take possession of the property of offenders of economic fraud. A new bill have introduced in Parliament, which name is Fugitive Economic Offender Bill, 2017. This bill deals with those who committing the financial malpractice in india and after that escape in overseas. After Nirav Modi fraud, the union cabinet has passed the Fugitive Economic Offender Bill, 2017
The bill will help the government to stop the economic offender to leave the country after economic malpractice. This bill will be applicable in the cases where the value of the economic offences is above Rs. 100 crore. Economic offences are not clearly define in this bill but it includes which is under the Indian penal code, the prevention of corruption act, SEBI act, limited liability partnership act, Customs act and Insolvency and bankruptcy code.
According to this bill, a Fugitive Economic Offender is a individual who leaves the india to avoid criminal prosecution or refuse to return to india to face criminal prosecution and against whom any court of India have issued a warrant for arrest in relation to economic offence.
The central government will also appoint a director for filling an application to court to declare a person as Fugitive Economic Offender and director has also power to attach the property of accused person in their application. If court will issue notice to the fugitive economic offender then person will have to present within six weeks from the date of notice otherwise they will be declare a fugitive economic offender and his property will be confiscated, which will attach under the directors application. If property is confiscated then accused cannot claim of that property. For confiscated property, the Court will appoint a person to oversee the confiscated property.