Year : 2019, Volume : 1, Issue : 1
First page : ( 39) Last page : ( 46)
Print ISSN : 2582-4627. Online ISSN : 2582-7529. Published online : 2019 February 24.

Commentary on the fugitive economic offenders bill, 2018

Khera Kunika¹, Student

¹Army Institute of Law, Mohali

Abstract

With the growth in multinational companies and international business ventures, a new set of economic crimes and frauds have been rapidly increasing in India. Tycoons and heads of such corporations have found innovative ways to cumulate their wealth through illegal means and also, flee the country before hey can be held responsible for their actions. The Punjab National Bank scam and the Vijay Mallya scandal shook the nation’s economy and brought focus on the lack of machinery in the extradition as well as prosecution of these offenders.

Keeping in mind the emerging need to deal with economic offences andfrauds, and the absence of an established machinery to tacklethe repercussions of the same, the Fugitive Economic Offenders Bill, 2018 was presented in the Parliament on 5th March 2018 in the latter half of the Budgetary Session 2018. The government has also promulgated an ordinance on that behalf.

The current paper pursues to comprehend the legal background in which the Bill was introduced. This is followed by an objective and detailed examination of each section that is proposed to be incorporated in the Act.

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Keywords

Fugitive, Offenders, Economic, Fraud, Griles.

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