What is Fugitive Economic Offender?
Historical Background
Key Points
10 points- 1.
Applies to offences involving ₹100 crore or more.
- 2.
Requires a special court to declare a person as an FEO.
- 3.
Allows authorities to confiscate properties and assets of the FEO, including those held in benami names.
- 4.
Confiscated assets can be used to repay creditors or compensate victims.
- 5.
The FEO can challenge the declaration in the High Court.
- 6.
The Act aims to prevent economic offenders from using Indian courts to delay or obstruct legal proceedings.
- 7.
The Central Government can appoint an 'Administrator' to manage and dispose of the confiscated property.
- 8.
Special Court under the Prevention of Money Laundering Act, 2002 (PMLA) designated as the court under this Act.
- 9.
The Act empowers authorities to search, seize, and attach properties.
- 10.
It provides for provisional attachment of property during the investigation phase.
Visual Insights
Evolution of the Fugitive Economic Offenders Act
Timeline showing the key events leading to the enactment and implementation of the Fugitive Economic Offenders Act.
The Act was enacted to address the increasing problem of economic offenders fleeing India to avoid prosecution, causing significant losses to the Indian economy.
- 2015Growing concern over economic offenders fleeing India to avoid prosecution.
- 2017Government proposes the Fugitive Economic Offenders Bill.
- 2018Fugitive Economic Offenders Act, 2018 is enacted.
- 2019First major asset confiscation under the FEO Act.
- 2022Increased focus on international cooperation for extradition of FEOs.
- 2024Amendments proposed to strengthen the FEO Act and address loopholes.
- 2026Two SRS promoters declared fugitive offenders in fraud case.
Fugitive Economic Offender Act - Key Aspects
Mind map illustrating the key aspects and provisions of the Fugitive Economic Offenders Act.
Fugitive Economic Offender Act, 2018
- ●Definition & Scope
- ●Legal Framework
- ●Confiscation of Assets
- ●Recent Developments
Recent Developments
5 developmentsSeveral high-profile cases have been initiated under the Act, including those related to bank fraud and financial irregularities.
Amendments may be considered to strengthen the Act and address loopholes.
Increased international cooperation to facilitate the extradition of FEOs.
Courts are actively hearing cases related to declaration of individuals as FEOs.
Focus on recovering assets and compensating victims of economic offences.