Fugitive Economic Offenders

Fugitive economic offenders act came into force on 21st April, 2018 but was assent by the president on 31st July, 2018. This act is a must needed act because the individuals who are mostly the big industrialist who takes the huge number of debts from bank and they do not pay them back resulting into NPA, so they run away with the debt amount on them to another country and even they refuse to return back to the country because this will bring the legal action against them. This act prohibits the offenders to leave the country if they leave the country, they can be called back and a legal action can be taken against them, their properties can be confiscated and once found guilty of schedule offence then will be declared as FEO by the special court. As all the laws are not perfect there are some loopholes in it but overall, it is huge relief on the part the new specific laws that have been made in particular to deal with this huge crime which is done by the white-collar people.