Author Name:   Sugam.Shine123

A critical analysis of the upcoming Fugitive Offenders Bill, 2017

The Fugitive Economic of Fenders Bill, 2017

A Step to Abstain Big Time Economic offenders from Absconding India
In pursuance of the announcement made by finance minister Arun Jaitley in his Budget speech on February 1 where Jaitley had noted in the recent past that there have been instances of big time offenders, including economic offenders, fleeing the country to escape the reach of law where he had said that “We must ensure that the law can take its own course," THE FUGITIVE ECONOMIC ofFENDERS BILL, 2017 has been introduced.

As per the draft law, a ‘fugitive economic offender’ means any individual against whom a warrant for arrest in relation to an economic offence has been issued and the person has left the country and refuses to return to India to face criminal prosecution. The provisions of the proposed bill will override other legislations dealing with economic offences.

"It is widely felt that the spectre of high-value economic offenders absconding from India to defy the legal process seriously undermines the rule of law in India. It was high time that the government and concerned authorities took appropriate steps towards the same and the introduction of this bill is the first step towards the same.

Salient Features of the Bill
·The proposed bill will be applicable in cases where the value of offences is over Rs 100 crore.
·It will allow Financial Intelligence Unit (FIU), the premier technical snoop wing under the finance ministry, to file an application for declaration of fugitive economic offender for confiscation of their assets.
·The bill entrusts responsibility to try such cases to the courts under Prevention of Money Laundering Act, 2002 (PMLA).

In the recent past, there have been instances of big-time offenders, including economic offenders, fleeing the country to escape reach out of jurisdiction of Indian courts. Most recently, Vijay Mallya, chief of erstwhile Kingfisher Airlines who owes over Rs 9,000 crore to various Indian banks, had fled India to escape legal proceedings regarding the loans. Such cases have several severe consequences as it hampers investigation in criminal cases, wastes precious time of courts of law and most noticeably undermines the rule of law of the country.The Union Law ministry has approved Fugitive Economic offenders Bill, 2017 to empower government to confiscate property of economic offenders and defaulters who flee India and it is in the interest of the country both economically and socially that this bill should be passed without any unnecessary delay to stop such practices as soon as possible.

ISBN No: 978-81-928510-1-3
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