Cabinet clears ordinance to crack down on Nirav Modi, Mallya-type fugitives

Edict will cover cases where alleged proceeds from crime are over Rs 1 bn

The government has cleared the decks for the proposed law that seeks to crack down on the likes of Nirav Modi, Mehul Choksi and Vijay Mallya, who have fled the country after defaulting on loan repayments worth billions of rupees. 
 

The Union Cabinet on Saturday decided to bring into effect the Fugitive Economic Offenders Bill as an ordinance, after the Bill could not be tabled in the Budget Session of Parliament owing to a logjam. 
 

“The ordinance will lay down measures to empower Indian authorities to attach and confiscate the proceeds of crimes associated with economic offenders and their properties,”