13 July, 2020
5 Min Read
Fugitive Economic Offenders Act, 2018
Paper-3- Economics (Mains)
Recently, assets worth Rs. 329.66 crore of the Punjab National Bank (PNB) fraud mastermind Nirav Modi have been confiscated under Section 12(2) and (8) of the Fugitive Economic Offenders Act, 2018.
Fugitive Economic Offenders Act, 2018: It seeks to confiscate properties of economic offenders who have left the country to avoid facing criminal prosecution or refuse to return to the country to face prosecution.
Fugitive economic offender: A person against whom an arrest warrant has been issued for committing an offence listed in the Act and the value of the offence is at least Rs. 100 crore.
Some of the offences listed in the act are:
Declaration of a Fugitive Economic Offender:
Bar on Filing or Defending Civil Claims:
The authorities under the PMLA, 2002 will exercise powers given to them under the Fugitive Economic Offenders Act. These powers will be similar to those of a civil court, including the search of persons in possession of records or proceeds of crime, the search of premises on the belief that a person is an FEO and seizure of documents.
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