Cabinet approves Fugitive Economic Offenders Bill

Taking cue from Nirav Modi and Mallya cases, the Union Cabinet has given its nod to a draft law to prevent economic offenders from fleeing the country.

The draft bill, when passed as law, will allow confiscation of assets of offenders on the run even without a court ‘conviction’.

The new law will apply to willful defaulters with loans of over Rs 100 crore.

The draft prescribes the cases to be tried under prevention of money laundering act and administrator can sell an absonder’s properties to pay off lenders.

The new law will override provisions of other lawyers.

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