Cabinet Approves Fugitive Economic Offenders Ordinance 2018

After clearing the ordinance to allow courts to award death penalty for raping children up to 12 years of age, the cabinet approves Fugitive Economic Offenders Ordinance 2018. The ordinance provides for for confiscating assets even without conviction and paying off lenders by selling off their properties. Such economic offenders will be tried under Prevention of Money Laundering Act (PMLA) The move comes following the instances of economic offenders fleeing the jurisdiction of Indian courts after committing fraud. Provisions will apply for economic offenders who refuse to return, persons against whom an arrest warrant has been issued as well as wilful bank loan defaulters with outstanding of over Rs 100 crore. The application will contain the reasons to believe that an individual is a fugitive economic offender.