Essay on fugitive economic offenders bill 2018
From: Tom S.
Category: dulce decorum
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In fact, given the public disquiet over the apparent impunity enjoyed by billionaire fraudsters living in the safety of foreign climes, any new law is likely to be viewed in a positive light. However, its success rides on the slim hope that the threat of confiscation of property will act as a serious deterrent to those seeking to flee or as a big incentive for fugitives to return. Legal provisions to confiscate the assets of offenders already exist, but these are regarded as somewhat inadequate. The Fugitive Economic Offenders Bill, which has been cleared by the Cabinet, aims to make up for the shortcomings and provide a fresh legal framework that would enable the confiscation of the property of those evading prosecution by fleeing the country or remaining abroad. But laws deemed draconian, such as the Smugglers and Foreign Exchange Manipulators Forfeiture of Property Act, , have not exactly been a success. Experience has shown that disposal of confiscated assets is not easy, especially at a price sufficient to recoup losses or pay off all creditors.
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The bill is expected to plug gaps and provide a higher deterrent effect on economic offenders. It is expected that the creation of a special forum for a speedy confiscation of the proceeds of crime, in India or abroad, would force the fugitive to return to India to submit to the jurisdiction of courts in India to face the law in respect of scheduled offences. To further strengthen the law, provisions like house arrest of offenders under investigation can be introduced to prevent them from fleeing the country, along with continuous efforts to strengthen extradition treaties with other countries. You are commenting using your WordPress. You are commenting using your Google account.
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The Lokpal and Lokayuktas Act, 2013
In the past couple of years, India has witnessed a spate of loan defaulters and embezzlers fleeing the country to evade prosecution. In order to prevent such gross dereliction of justice, the Indian Parliament passed the Fugitive Economic Offenders Act in The act contains various measures which seek to prevent individuals who have engaged in high-profile financial crimes from fleeing India with the intent to go outside the jurisdiction of the Indian judiciary and escape punishment for their crimes. A fugitive economic offender is an individual who is thought to have absconded with a sum of money amounting to over a hundred crores and a warrant has been issued on this matter.
A huge number of reports pertaining to financial irregularities concerning eminent Indian businesspersons have come to light the past year. These irregularities involved manipulation, forgery, fraud in obtaining financial guarantees from National Banks in form of LoU s [Letters of Undertaking] Letters of credits etc. As a result, huge financial losses were faced by various lenders and investors. The economic offenders were further observed to flee to various countries around the world so as to avoid prosecution under the Indian Penal Code and other Statutes.