Elements and Advantages of Fugitive Economic Offenders Act-2018

The government of India passed the Fugitive Economic Offenders Act, 2018 safeguarding depositor's belief and the welfare of the country's financial system and helps in aiding the Government by provisioning an effective mechanism for confiscating and attaching the properties and proceeds of crime belonging to such fugitive economic offenders who are circumventing the Justice dispensation system. The Act aims to daunt fugitive economic offenders who sidestep judicial prosecutions in the country, thus, to protect the sanctitude of the rule of law and render them susceptible to Indian Jurisdiction. The cases of financial offences involved with levant of hefty bank loans, ergo exacerbating the economic condition of the financial transactions segment in India, it was perceived that the prevailing civil and criminal provisions in the law were insufficient to tackle the gravity of the issue. The paper aims to highlight the attributes and implementation of the fugitive economic offender's act. There are various occasions and history of economic offenders fleeing from Indian jurisdiction to avoid the litigation and to escape from the criminal liability forestalling the initiation of criminal proceedings or on occasion during the delay of the proceeding of such trials.