Fugitive Economic Offenders Ordinance receives assent

President Ram Nath Kovind recently gave his assent nod to the Fugitive Economic Offenders Ordinance 2018 that provides for confiscating properties and assets of economic offenders like loan defaulters who flee the country. The Fugitive Economic Offenders Bill was introduced in Lok Sabha on March 12 but could not be passed.

It seeks to confiscate properties of economic offenders, like Vijay Mallya and Nirav Modi, who have left the country to avoid facing criminal prosecution. The provisions of the ordinance will apply to economic offenders who have left the country to avoid facing prosecution, or refuse to return to face prosecution.