Union Budget 2017: Law To Seize Assets Of 'Big Time Offenders' Who Flee The Country
Instances of big time economic offenders fleeing country, says Mr Jaitley Government considering new law that allows their assets to be seized Finance Minister announced proposal while presenting Budget
Amid attempts by banks to recover crores in unpaid dues from liquor tycoon Vijay Mallya, Finance Minister Arun Jaitley said today that the government is considering a law to confiscate the assets of "big-time" economic offenders who leave the country to escape the law.
"There have been instances of big time offenders fleeing the country to escape law. The government is considering legislative changes, and new law to confiscate assets of such persons," Mr Jaitley said while announcing the Budget for financial year 2017-18.
Mr Mallya flew to Britain in March last year in the middle of efforts by a group of banks to recover nearly Rs 9,000 crore in dues from Kingfisher Airlines, which stopped flying in 2012.
Indian agencies have since made several attempts to bring back the businessman, who faces court warrants. Mr Mallya has said he is living in "forced exile".
Investigators have also tried to get back Indian Premier League founder Lalit Modi, who has been accused of financial irregularities in the cash rich cricket league.