With an aim to punish those who are accused of committing financial crimes in India and then fleeing from the country, the Finance Minister in his Budget speech 2017 declared to come out with a Fugitive Economic Offenders Bill. Pending the passage of the Bill, in exercise of the powers conferred by clause (1) of article 123 of the Constitution, the President d this Ordinance on 21st April, 2018. It extends to the whole of India. This Ordinance, provides for measures to deter fugitive economic offenders from evading the process of law in India by staying outside the jurisdiction of Indian courts. Who is a ‘fugitive economic offender’? ‘Fugitive economic offender’ means any individual against whom a warrant for arrest in relation to a Scheduled Offence has been issued by any Court in India, who (i) has left India to avoid criminal prosecution; or (ii) being abroad, refuses to return to India to face criminal prosecution. Declaration of fugitive economic offenders Where any officer as appointed by Government of India, has reason to believe, on the basis of material in his possession, that an individual is a fugitive economic offender, he may file an application in such form and manner as may be prescribed in the Special Court that such individual may be declared as a fugitive economic offender.
Attachment of property
To read more, please subscribe.