06 December, 2019
Syllabus subtopic: Challenges to internal security through communication networks, role of media and social networking sites in internal security challenges, basics of cyber security; money-laundering and its prevention
News: A special court Thursday declared diamantaire Nirav Modi, a “fugitive economic offender” under the Fugitive Economic Offenders Act, 2018 — enacted against those fleeing the country to evade the process of law. The court will now hear submissions for confiscation of his property.
Prelims and Mains focus: key features of the Fugitive Economic Offenders Act, PMLA, Enforcement Directorate
When Modi left India on January 1 last year, he was aware about payments that were due on January 25, 2018, to the Punjab National Bank on the Letters of Undertaking issued to his firms, and therefore he left the country in “suspicious circumstances”, the court said.
The special court, designated under the Prevention of Money Laundering Act, said the Enforcement Directorate had filed a plea to declare Modi a fugitive economic offender last year.
The ED had submitted Modi left the country due to his involvement in an alleged bank fraud to the tune of Rs 6,498.70 crore in connivance with the bank staff though the diamantaire claimed it was a business-related trip. The court accepted the contention that Modi left the country to avoid criminal prosecution. Modi was arrested in the United Kingdom and is currently facing extradition proceedings.
Definition: Fugitive Economic Offender
The fugitive economic offenders’ law came into force in August 2018. A person can be named an offender under this law if there is an arrest warrant against him or her for involvement in economic offences involving at least Rs. 100 crore or more and has fled from India to escape legal action.
Directorate of Enforcement is a specialized financial investigation agency under the Department of Revenue, Ministry of Finance, Government of India, which enforces the following laws:
Prevention of Money Laundering Act, 2002 is an Act of the Parliament of India enacted to prevent money-laundering and to provide for confiscation of property derived from money-laundering.
Source: Indian Express
India is now ranked 38th out of 139 nations in the Logistic Performance Index (LPI) 2023 of the World Bank. From its previous rankings of 44th in 2018 and 54th in 2014, this is a notable improvement. Earlier, the Logistics Ease Across Different States (LEADS) Report 2022 was published by the Ministry of Commerce and Industry. About Logi
Airports discovered more than 63% of this illegal gold. The Department of Revenue Intelligence recently conducted the Golden Dawn Operation across India, seizing 101.7 kg of illegal gold valued at Rs 51 crore. Despite the fact that India receives a legal import of about 800-1,000 tonnes of gold each year, the illicit market is thought to be
Both parties expressed satisfaction with the ongoing bilateral defence cooperation at the 8th India-Thailand Defence Dialogue, which was held in Bangkok, Thailand. Cultural ties and mutual cooperation that have been shaped by thousands of years of lasting historical and cultural ties characterise India and Thailand relations. Highlight
The Kerala government's appeal of the order of the Kerala High Court is rejected by the Supreme Court. The Kerala government's appeal against the Kerala High Court's directive to move Arikomban (Wild Elephant), the "rice tusker" of Munnar, to the Parambikulam tiger reserve was recently dismissed by the Supreme Court.
Global Buddhist Summit In order to improve diplomatic and cultural ties with other nations, the Ministry of Culture recently organised the First Global Buddhist Summit 2023 in collaboration with the International Buddhist Confederation (IBC). About the summit "Responses to Contemporary Challenges: Philosophy to Praxis" is
Copyright© Aspire IAS Academy. All rights reserved. Powered by CLT Technologies & Edu-Publishers Private Limited.