Fugitive Economic Offenders Law

Masterclass

  • Duration3 hours
  • Date23-January
  • FeeINR 1,000 + GST

Description

A fugitive economic offender is an individual who has committed one or more scheduled offenses involving an amount of INR 100 crore or more and has either absconded from India or has refused to come back to India to avoid or face criminal prosecution.

Some of the most infamous fugitive economic offenders are jeweler and designer Nirav Modi, his wife Ami Modi, brother Nishal Modi and uncle Mehul Choksi, who absconded from India after carrying out the Punjab National Bank Fraud (PNB) letter of undertaking fraud worth INR 11,300 crore (US$ 1.4 billion).  Another is Vijay Mallya, former Member of Parliament (Rajya Sabha) who escaped to the UK after committing financial crimes in India.

Brief history of the Act: It started as The Fugitive Economic Offenders Ordinance, 2018 which came into force on 21st April, 2018. Later, The Fugitive Economic Offenders Bill, 2018 was passed by the Parliament and received the assent of the President of India and became The Fugitive Economic Offenders Act, 2018

Topics

  • Need for the Act
  • Authorities under the Fugitive Economic Offenders Act
  • Relevant definitions
  • Scheduled offences