News:Recently,the special Prevention of Money Laundering Act (PMLA) court has declared Nirav Modi as a fugitive economic offender (FEO) under Fugitive Economic Offenders Act,2018. Facts: About Fugitive Economic Offenders Act,2018: Indian Parliament had passed the Fugitive Economic Offenders Act in 2018. The act seeks to confiscate properties and assets of economic offenders that evade prosecution… Continue reading After Mallya, Nirav Modi: Who is a ‘fugitive economic offender’?
According to the data provided by the Finance Ministry,banks have reported 44,016 frauds in the last 11 years since 2008-09.The frauds being considered in the list are those involving ₹1 lakh or more. The ministry said that the government had issued a ‘framework for the timely detection,reporting,investigation relating to large value banks frauds’. The framework… Continue reading Banks reported 44,016 frauds in last 11 years
India has pitched strongly to deal with fugitive economic offenders at the G20 summit in Osaka,Japan. India has said that all countries should come together to deal with economic offenders escaping to other geographies to get away with their crimes. In 2018,India has passed the Fugitive Economic Offenders Act.The act seeks to confiscate properties and… Continue reading India pitches strongly for fight against fugitive economic offenders
Fugitive businessman Vijay Mallya has told the Bombay High Court that confiscation of his properties under the newly-enacted Fugitive Economic Offenders Act (FEOA) was draconian and it will not help the creditors. Earlier,he had approached the high court challenging a January 5 order of a special court under the Prevention of Money Laundering Act (PMLA)… Continue reading Fugitive Offenders Act won’t help banks: Mallya