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Fugitive economic offender
Why is it in the news ?
- A special Prevention of Money Laundering Act court declared diamond trader Nirav Modi, an accused in the Punjab National Bank scam case, a fugitive economic offender.
- Nirav Modi is the second person to be declared a fugitive economic offender, under the new Fugitive Economic Offenders Act, after liquor baron Vijay Mallya.
More in the news
- Who is a Fugitive Economic Offender ?
(1) A fugitive economic offender is an individual who has committed some specified offence(s) and has absconded from India or refused to come back to India to avoid or face criminal prosecution in India.
(2) The offence(s) should be involving an amount of one hundred crore rupees or more.
(3) A Fugitive Economic Offender is declared so by a 'Special Court' set up under the Prevention of Money-laundering Act (PMLA), 2002.
(4) Once declared a fugitive offender, the Union government can confiscate the person's assets.
Source
The Hindu.