President Kovind okays ordinance to confiscate property of fugitive economic offenders

New Delhi : President Ram Nath Kovind on Sunday approved an ordinance to confiscate property of fugitive economic offenders.The President promulgated The Fugitive Economic Offenders Ordinance, 2018, which followed the Punjab National Bank fraud case, in which the main accused, diamond trader Nirav Modi and his uncle Mehul Choksi, fled the country after duping banks to the tune of over Rs 30,000 crore.

The ordinance would provide for attachment and confiscation of the properties of the economic offenders in a bid to bring back defaulters of huge bank loans who flee abroad.