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National News

Jul 19, 2018
9:10PM

Lok Sabha passes Fugitive Economic Offenders Bill to attach, confiscate assets of defaulters

The Lok Sabha today passed the Fugitive Economic Offenders Bill 2018 which will replace the Fugitive Economic Offenders Ordinance promulgated by President Ram Nath Kovind in April. 

The bill gives authorities power to attach and confiscate the proceeds of crime and properties of fraudsters and loan defaulters who flee the country. 

Replying to a debate on the bill, Finance Minister Piyush Goyal said, it will ensure that justice is not denied. He said, the Government wants to bring back big defaulters to face the law. 

Mr Goyal said, cases where the total value involved in such offences is 100 crore rupees or more, will come under its purview. He said, till 2014 nothing was done on this front. 

Mr. Goyal said the law takes its cue from Prevention of Money Laundering Act. We have more on this bill.
 

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