The government introduced Fugitive Economic Offenders Bill 2018 in the Lok Sabha today, making it difficult for individuals wanted by local courts for several offences to escape.
These offences come under the Reserve Bank of India Act, Security Exchange Board of India Act, Insolvency and Bankruptcy Act, Central Goods and Service Tax, preventing money laundering Act, Companies Act and foreign black money Act.
All offences having a monetary value of more than Rs 100 crore will be covered by the bill, therefore, covering business tycoons like Vijay Mallya, Nirav Modi and Mehul Choksi. The bill seeks to enable the government to attach assets of these offenders.
Watch accompanying video of CNBC-TV18’s Rituparna Bhuyan for more details.