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Fugitive Economic Offenders Ordinance 2018
May 1 , 2018
2271 days
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- The Union Cabinet has approved a proposal to promulgate Fugitive Economic Offenders Ordinance 2018 that provides for confiscating properties and assets of economic offenders who taken a loan from banks but took a flight to abroad without any repayment.
- It provides for confiscating assets even without conviction and paying off lenders by selling off the fugitive's properties.
- Such economic offenders will be tried under Prevention of Money Laundering Act (PMLA).
- According to the ordinance, a director or deputy director (appointed under the PMLA, 2002) may file an application before a special court (designated under the 2002 Act) to declare a person as a fugitive economic offender.
- Appeals against the orders of the special court will lie before the High Court.
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