New Delhi, July 19: The Fugitive Economic Offenders Bill, 2018 has been passed in Lok Sabha on Thursday during the ongoing monsoon session of the parliament. The bill has been passed to prevent fugitive economic offenders from evading the process of law in India by staying outside the jurisdiction of Indian Courts. The bill will now give power to the government to declare a person as a fugitive economic offender (FEO) if an accused is involved in offence over Rs 100 crore, and he has left the country and refuses to return to India to face prosecution.

Acting Finance Minister Piyush Goyal said, “Fugitive Economic Offenders ordinance is the need of the hour. Cases, where the total value involved in such offences is Rs. 100 crore or more, will come under its purview.” Goyals taking a dig at UPA government said that till 2014 nothing was done on this front.

An application needs to be filed in a Special Court designated under the Prevention of Money-Laundering Act, 2002 to declare a person an FEO. The will then issue a notice to the accused. The bill will give the government the right to confiscate the property of an FEO.

India is trying hard to get back economic offenders Vijay Mallaya and Nirav Modi. Mallya is currently residing in the United Kingdom after defaulting loans of worth Rs 9,000 crore (approx) from Indian Banks, whereas Modi is involved in a fraud of Rs 13,000 crore (approx).

(The above story first appeared on LatestLY on Jul 19, 2018 06:49 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).