Quick Summary
Finance Minister Nirmala Sitharaman informed the Lok Sabha that the Fugitive Economic Offenders Act, 2018 (FEOA) has significantly strengthened enforcement against individuals evading Indian law by remaining abroad. Background: Law Targeting High-Value Economic Offenders The Fugitive Economic Offenders Act, 2018, was introduced to deter individuals involved in economic offences of Rs 100 crore or more from escaping legal consequences by fleeing the country. The law empowers authorities to ta
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FAQ :
The Fugitive Economic Offenders Act, 2018, is a law designed to deter individuals involved in economic offences of Rs 100 crore or more from escaping legal action by fleeing India.
Under the Fugitive Economic Offenders Act, assets worth Rs 15,186 crore have been confiscated, and out of this, Rs 15,183 crore has been restituted to Public Sector Banks.
Authorities can confiscate properties and proceeds of crime, attach benami properties, issue lookout circulars, and restrict offenders from raising capital or acquiring shares.
So far, 8 accused individuals have been officially declared Fugitive Economic Offenders under the Act.
The government maintains a zero-tolerance approach towards economic offenders, ensuring strict financial and legal consequences for those who evade Indian jurisdiction.
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