The absconded businessman Nirav Modi case raised a debate across the country that banks are after farmers and common people pressurising them for repayment of loans but they are unable to take an action against bigwigs. The common public is questioning the government policies as economic offenders like Lalit Modi, Vijay Mallya and Nirav Modi are swindling thousands of crores and they are safely escaping to foreign countries.
The government is going to give a huge shock to such money swindlers with 'The Fugitive Economic Offenders Bill'. If the bill is passed in the Parliament, it will give the government authorities permission to take control over their properties and sell them for recovering the money. Once the bill is approved, these financial offenders will surely get a shock.
Government is planning to pass this bill in the upcoming budget session which is going to start from March 6. The bill will give the authorities like Reserve Bank, Intelligence agencies, and Banking Regulators Enforcement Teams the powers to take action on company promoters who are involved in fraud. They can even stop them from escaping to foreign countries.
Anyone who tries to escape from the criminal prosecution in relation to a financial fraud to foreign countries will be labeled as Fugitive Economic Offender. The Draft Bill includes Intentional Loan Defaulters, Money swindlers, People who resorted to Forgery and submitted Fake Records.
The government is going to give a huge shock to such money swindlers with 'The Fugitive Economic Offenders Bill'. If the bill is passed in the Parliament, it will give the government authorities permission to take control over their properties and sell them for recovering the money. Once the bill is approved, these financial offenders will surely get a shock.
Government is planning to pass this bill in the upcoming budget session which is going to start from March 6. The bill will give the authorities like Reserve Bank, Intelligence agencies, and Banking Regulators Enforcement Teams the powers to take action on company promoters who are involved in fraud. They can even stop them from escaping to foreign countries.
Anyone who tries to escape from the criminal prosecution in relation to a financial fraud to foreign countries will be labeled as Fugitive Economic Offender. The Draft Bill includes Intentional Loan Defaulters, Money swindlers, People who resorted to Forgery and submitted Fake Records.