Govt to arm agencies to freeze assets of economic offenders

Confiscation of domestic assets in the initial phase of investigation

The government is planning to give more teeth to central investigation agencies and bankers under a proposed new rule, which will allow them to “confiscate assets” of economic offenders who have fled the country to escape investigation, without court approval.
 
The move would allow investigators to attach assets of such offenders in the initial phase of investigation unlike existing rules, which take more than two years for the agencies to conclude the probe and be able to seize assets.
 
However, the probe agencies would be required to inform the court after confiscation of assets for further legal procedure.