Economic Offenders

The income tax department on Thursday issued revised guidelines for compounding offences under the I-T law by simplifying the process and lowering the charges. The revised guidelines will apply to pending as well as new applications for compounding of offences. It has done away with the categorisation of offences and removed the limit for filing applications, among others, the Central Board of Direct Taxes (CBDT) said in a statement. To facilitate the compounding of offences by companies and HUFs, the requirement of the main accused filing the application has been dispensed with. The offences of the main accused as well as any or all co-accused can be compounded on payment of relevant compounding charges by the main accused and/or any of the co-accused, under the revised guidelines. The compounding charges have also been rationalised by abolishing interest chargeable on delayed payment of compounding charges, reducing rates for various offences, such as for TDS defaults multiple ra

People taken into custody for economic offences should not be handcuffed and clubbed with those arrested for heinous crimes such as rape and murder, a parliamentary committee has recommended. The Parliamentary Standing Committee on Home Affairs, headed by BJP MP Brijlal, also recommended changes to the Bharatiya Nagarik Suraksha Sanhita (BNSS) on the issue of police custody of an accused beyond the first 15 days from arrest. The Bharatiya Nagarik Suraksha Sanhita (BNSS-2023) bill was introduced in the Lok Sabha on August 11 along with the Bharatiya Nyaya Sanhita (BNS-2023) and the Bharatiya Sakshya Adhiniyam (BSA-2023) bills. The three proposed laws seek to replace the Code of Criminal Procedure Act, 1898, the Indian Penal Code, 1860, and the Indian Evidence Act, 1872, respectively. The parliamentary panel noted that it felt the use of handcuffs, as outlined in Clause 43(3) of the BNSS, is appropriately restricted to select heinous crimes to prevent escape of individuals accused of

Assets of offenders worth more than $12 billion have been attached since 2014 under the Prevention of Money Laundering Act according to the Ministry of Personnel, Public Grievances & Pensions

Union Minister Jitendra Singh on Saturday stressed on faster extradition of fugitive economic offenders and recovery of their assets, besides achieving a "corruption-free world" during the crucial G20 anti-graft ministerial meeting here. He said fugitive economic offenders pose a significant challenge to both national and international law enforcement as they are able to exploit gaps and differences between legal and financial systems of countries to evade justice. "Fugitive economic offenders commit grave economic crimes in their home country and flee to another country to avoid arrest, prosecution or the execution of their sentence," said Singh, the Union Minister of State for Personnel. He said economic crimes include a wide range of illegal activities such as fraud, tax evasion, money laundering and embezzlement. Their actions undermine the rule of law, hamper economic development and often contribute to corruption, Singh said. He said the G20 Anti-Corruption Working Group (AC

India is seeking a consensus among G20 nations against fugitive economic offenders to ensure their faster extradition and asset recovery, Union Minister Jitendra Singh said here on Friday. Ahead of the crucial G20 anti-corruption ministerial meeting in Kolkata on Saturday, he said economic offences have been a problem faced by many, especially when offenders flee the country's jurisdiction. "All countries are on the same page as far extradition of fugitive economic offenders and recovery of assets are concerned. But different laws of the member states pose a problem in this regard," said Singh, the Union Minister of State for Personnel. He said a consensus is already in the offing for collective and joint action to deal with this menace and deployment of sophisticated technologies is also being explored. "India is seeking consensus among G20 nations against fugitive economic offenders to ensure faster extradition of fugitive economic offenders and recovery of assets, both domestica

The Economic Offence Wing (EOW) of Odisha police has unearthed a pan-India cryptocurrency-based Ponzi scam worth more than Rs 1000 crore, a police official said on Monday

A Delhi court has denied bail to a man accused of cheating people by inducing them to invest money in different schemes promising exceptionally high returns, saying economic offences were "posing serious threat to the financial health of the country". Vacation Judge Pawan Kumar dismissed the bail application of Priyesh Kumar Sinha and said the allegations against him were "grave and serious in nature". The judge said there was "strong" apprehension that he may influence or hamper the trial. According to the prosecution, Sinha was one of the directors of Bluefox Motion Pictures Pvt. Ltd. and used to cheat people by persuading them to invest money in different schemes with the promise of exponential returns on their investment. More than 200 complainants have come forward so far, it said. "The accused being the director of the company cheated a large number of people who invested small amounts of money in different schemes to the tune of Rs 8 crore... The allegations and accusation .

India on Wednesday emphasised on multilateral action rather than bilateral coordination to ensure faster extradition of fugitive economic offenders and recovery of stolen assets from abroad during the anti-corruption working group meeting of G20 nations here. The assertion assumes significance as the country has been putting in efforts to extradite fugitive economic offenders, including diamond merchant Nirav Modi and businessman Vijay Mallya, from different countries. In the inaugural session of the important anti-graft meet, Union Minister of State for Personnel Jitendra Singh said the corrupt find a way to park their proceeds of crime and it is such money that is pushed into evil activities. This is one of the major sources of terror funding. From illegal drugs that destroy young lives to human trafficking, from weakening democracies to sale of illegal arms, this dirty money funds many destructive enterprises, he said. Singh said there is a need for the global community to work

Proposal will reduce litigation for businesses but may lead to longer prison sentences, they say

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Rajasthan records highest number of cases, followed by Telangana

'He (Choksi) is currently in the custody of Dominica where some legal proceedings are underway,' says MEA spokesperson

Choksi had mysteriously gone missing on May 23 from Antigua and Barbuda where he was staying since 2018 as a citizen.

SBI has the highest exposure of Rs 1,600 crore out of original loan of Rs 6,900 crore to the defunct Kingfisher Airlines.

In the last five years, India managed to bring only about 20 fugitive offenders including AgustaWestland deal middleman Christian Michel James

The diamond merchant's legal team had claimed political influence

Under the Fugitive Economic Offences Act, the court can order attachment of offenders' properties

Aiming at tackling the issue of fugitive economic offenders, PM Modi had suggested a nine-point agenda

Choksi and Nirav Modi are wanted by the ED and the CBI for allegedly defrauding the PNB to the tune of Rs 13,400 crore

Former Jet Airways promoter Naresh Goyal and his wife Anita are on the list, sources said