Center Readies New Legislation For Recovering Dues From Fraudsters

With an attempt to recuperate dues and capture assets from the bank loan non-payers, the Center today has been generating a fresh law. This is the Fugitive Economic Offenders Bill aimed to access and then sold-off the assets of Nirav Modi and his kind of escapees. There will be the creation of a special court whose main job will be look into the aspects of corporate defaulters that are absconding. Back in September the law ministry had sanctioned draft of this Bill. Today, its conversion into a valid law is being worked upon as an integral part of Prime Minister Government’s apt response to the latest PNB scam.

Center Readies New Legislation For Recovering Dues From Fraudsters

It is said that this Bill will be introduced post the Parliament assembles for the second part of our Budget dated on March 6th, 2018. This Bill clearly outlines a person who’s a fugitive economic offender. This kind of person is one with an arrest levied against him for any kind of monetary offense and who had left or is planning to leave the country to avert all kinds of criminal charges and prosecution processes and is also unwilling to get back to India to witness his criminal charges against him.  This Bill draft comprises of many crimes that is inclusive of cheating, conscious loan defaulting, fraud document of all electronic records, non-repayment of past deposits and many more.

The moment this gets the vote of a law, this brand new legislation is all aimed to enhance the investigating bureaus to sequester and also vest any property from the absconding defaulters without any kind of hindrances.  In addition to that, for such a company or a person where absconding criminal is the key person at power, the Court has the discretion to “dis-entitle” that person from the profile. The law appears at the background of the much talked about Rs. 11,400 crore forgery at PNB, which is considered to the second biggest public sector bank in the country.

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