Saturday, January 05, 2019

Fugitive Economic Offender in India Discovered


According to the new law, a fugitive economic offender is a person against whom an arrest warrant has been issued for his or her involvement in economic offences involving at least Rs. 100 crore or more and has left India to avoid prosecution.

Over the last few months, several high-profile businessmen including Nirav Modi and Mehul Choksi have been under the government's radar for alleged financial crimes running into thousands of crores.

In this regard, Vijay Mallya became the first tycoon to be charged under a new anti-fraud law, with a court in Mumbai today naming him as an offender under the Fugitive Economic Offenders Act, 2018.

The anti-corruption court was hearing an application by the Enforcement Directorate, seeking a direction to declare Mr Mallya a fugitive economic offender.




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