Government notifies rules to operationalise fugitive economic offenders law
Updated : April 29, 2018 12:46 PM IST
The law seeks to expedite recovery of losses incurred by banks and other entities by confiscating their properties.
The fugitive economic offenders law comes in the backdrop of alleged fraudsters like Nirav Modi running away from the country after cheating Punjab National Bank to the tune of about USD 2 billion.
The notifications regarding rules, issued by the finance ministry, spell out the process for declaration of fugitive economic offender, issuance of attachment order, and management of confiscated properties, among others.