Title : FUGITIVE ECONOMIC OFFENDER
Date : Jan 20, 2022
Topic à Money Laundering Related Issues
- Who is a Fugitive economic offender:
- A person can be named an offender under the law if there is an arrest warrant against him or her for involvement in economic offences involving at least Rs. 100 crore or more and has fled from India to escape legal action.
- What’s the process of extradition:
- The investigating agencies have to file an application in a Special Court under the Prevention of Money Laundering Act containing details of the properties to be confiscated, and any information about the person’s whereabouts
- Then, the Special Court issue a notice to the person to appear at a specified place and date within six weeks from the issue of notice & proceedings shall be terminated if the person appears.
- If the person does not appear, the person would be declared as a Fugitive Economic Offender based on the evidence filed by the investigating agencie
- According to the Fugitive Economic Offenders Act, 2018, the person who is declared as a Fugitive Economic Offender can challenge the proclamation in the High Court within 30 days of such declaration
- Source à The Indian Express
Tags : economic offences, bankruptcy