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Parliament approves the bill to rein loot and scoot
On Wednesday, the Parliament approved the bill which prevents economic offenders from fleeing the country and evade the legal process
NEW DELHI: On Wednesday, the Parliament approved the bill which prevents economic offenders from fleeing the country and evade the legal process.
Economic offenders like Nirav Modi, Mehul Choksi and Vijay Mallya who fled the country to avoid the legal process here cannot happen anymore as this bill gives powers to authorities to attach and confiscate the properties of the economic offenders. When the total value involved in an offence is at least Rs 100 crore, the law aims at “effective, expeditious and constitutionally permissible deterrent”.
In Rajya Sabha, the bill was passed unanimously and concerns were expressed by the opposition members whether the government will be able to bring back the fugitives before the next general elections in 2019.
“The government will ensure that unless a person comes back, he cannot try and stall the confiscation of his property in the grab of civil cases. The focus is on big offenders and the government did not want to clog the special courts with huge number of cases,” said the Finance Minister Piyush Goyal.