New Delhi : The Government is pushing ahead with introduction of the Fugitive Economic Offenders Bill in the Lok Sabha on Monday to seize with court orders all Indian assets of those like liquor czar Vijay Mallya, former IPL chief Lalit Modi and Diamantaire duo of Nirav Modi and Mehul Choksi and pay lenders by selling off these assets.
The Bill seeks to sue the fugitives under the Prevention of Money Laundering Act who had fled the country without paying dues of more than Rs 100 crore to the government, banks or public, crippling them from pursuing any civil claims in the country.
The blockade of Parliament business whole of this week may continue even the next week, but the Chair has been allowing the Bills piloted even in the pandemonium and as such Finance Minister Arun Jaitley will be able to get the fugitive bill
How soon it will become the enforceable law is anybody’s guess as priority will be to the budget business stuck due to daily ruckus, though the government’s attempt will be to get the Bill passed in this session up to April 6, failing which it will be done in the monsoon session in July.
The Bill will cover any kind of economic offences by the fugitives but only when their value is not less than Rs 100 crore, lest the courts are jammed with all sorts of the small guys fleeing from India to escape payment of their dues.
As such, the Bill defines the fugitive offenders and the schedule of offences, provides for confiscation of all assets in India, followed by similar seizure of the overseas assets with the cooperation of the foreign governments.
It empowers courts to declare a person as the fugitive offender and orders confiscation of all his assets in India, not only those amassed as profit of crime, and pay off the lenders by selling them.