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The central government has informed the legislative assembly that a total of fifteen individuals have been officially declared fugitive economic offenders by competent courts. This declaration falls under the provisions of the Fugitive Economic Offenders Act of 2018 which aims to curb the practice of evading criminal prosecution by fleeing the country. The list includes high profile names such as diamond merchant Nirav Modi and former liquor baron Vijay Mallya along with Mehul Choksi and others who are accused of defaulting on massive bank loans and engaging in financial fraud.

Minister of State for Finance Pankaj Chaudhary provided these details in a written reply to the Lok Sabha highlighting the steps taken by enforcement agencies to bring these offenders to justice. The Enforcement Directorate has been aggressively pursuing these cases by filing applications under the FEO Act against individuals suspected of fleeing jurisdiction. Once an individual is declared a fugitive economic offender the court grants permission to the investigating agencies to confiscate their properties in India and abroad even if those assets were not acquired through the proceeds of crime.

The crackdown has resulted in the attachment of assets worth billions as part of the recovery process to compensate for the losses suffered by public sector banks. Authorities state that out of the identified fugitives several are facing extradition proceedings in various countries. The government emphasized that the enactment of strict laws like the Prevention of Money Laundering Act and the FEO Act has provided a robust framework to deal with economic offenses and deter financial criminals from escaping the reach of the law while ensuring that the value of confiscated assets is utilized to pay back the creditors.

Read More: Courts Declare Fifteen Individuals Including Nirav Modi and Vijay Mallya as Fugitive Economic Offenders