The Union Cabinet gave the nod for a law that gives the Government the right to confiscate properties of fugitives involved in large scale economic offences. The law will be applicable for cases involving embezzlement of Rs. 100 crores and above.
The plan to bring in a tougher law against economic offenders comes after people like Vijay Mallya and Lalit Modi. The two managed to take loans worth hundreds of crores and then fled the country.
Not having a stern law is making the extradition process difficult for the Government. This process is required to bring the accused back to India and recover the money. The law also gives the accused a chance to state their case. They will also be allowed to file an appeal in the High Court.
