Cabinet approves Fugitive Economic Offenders Bill 2018 to seize all assets of offenders

Stung by the fraud at Punjab National Bank (PNB), the Union Cabinet on Thursday approved Fugitive Economic Offenders Bill 2018, which would facilitate action against offenders like diamond trader Nirav Modi and his uncle Mehul Choksi.

"Under the Bill all the assets (in the country) of the offender will be confiscated and not only the proceeds of crime. Even benami assets, if any, would be seized," Finance Minister Arun Jaitley while addressing media after the Cabinet meeting said.

This Bill also has a provision to confiscate assets of the offender in foreign land as well, for which the government will have to make arrangements with different countries.

It will target big defaulters, he said.

The Bill will be introduced in the Budget Session of the Parliament.

With IANS Inputs