The Union Cabinet approved a proposal
to promulgate the Fugitive Economic Offenders Ordinance 2018 that provides for seizing
properties and assets of economic offenders like loan defaulters who flee the
country. The provisions of the ordinance will apply to economic offenders who
have left the country to avoid facing prosecution, or refuse to return to face
prosecution, persons against whom an arrest warrant has been issued for a
scheduled offence, as well as wilful bank loan defaulters with outstanding of
over Rs 100 crore.
TIMES OF INDIA NEWSPAPER
NEW INDIAN EXPRESS NEWSPAPER
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