India is one of the powerful countries in the emerging economies of the world.
But, one big problem plaguing the nation is the high-value economic offenders fleeing the country.
In the last 5 years, 27 defaulting businessman and economic offenders have fled the country.
Red Corner Notices (RCN) has been issued by Interpol against all these 27 persons.
Applications under Fugitive Economic Offenders Act, 2018 have been filed against 7 persons out of 27
It includes people like
Liquor baron Vijay Mallya,
Diamantaire Nirav Modi,
Businessman Mehul Choksi,
Diamonds promoter Jatin Mehta,
Former IPL Chairman Lalit Modi
Citizenship through investment has become popular among Indian economic offenders.
Some Caribbean Islands provide visa-free travel to 132 countries.
The lack of extradition treaties has made the Caribbean Islands a safe haven.
The Indian government has mounted hectic diplomatic parleys to get these economic offenders from different countries.
Fugitive Economic Offenders Bill in Lok Sabha gave power to the agencies to seize properties of the offender and ‘benami’ assets too.
According to Section 4 of the Law, a ‘fugitive economic offender’ is
- Any individual against whom an arrest warrant issued to a scheduled offence by any court in India.
- Leaves or has left India so as to avoid criminal prosecution.
- Refuses to return to India to face criminal prosecution.
In Vijay Mallya’s case, there has been some success for the Indian government.
The United Kingdom’s Westminster Magistrates’ Court gave a green signal to extradite Mallya to India.
But, there is still a long way to go. Soon or later, they will all face legal consequences.