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Govt can make law to confiscate properties of economic offenders like Mallya: Jaitley

Last Modified Wednesday, 1 February 2017 (14:04 IST)
New Delhi: Making the intention of his government clear to act firmly against economic offenders, including defaulting business tycoons who "flee" India to escape the long arm of law, Finance Minister Arun Jaitley today announced that the government would soon take measures to frame a new law to confiscate property of such absconders.

Mr Jaitley's observation in the Budget speech is significant as the Modi government had come under attack for allegedly letting Kingfisher Airlines owner Vijay Mallya "flee", a charge denied outright by the government.
 
He, however, did not name Mallya in his budget speech read out in the Lok Sabha. The Finance Minister said such a measure will be important as lately "big time offenders" defaulting on loans from banks have been found leaving the country.

"The government is mulling introduction of legal changes to confiscate assets of offenders, including economic offenders, who flee the country," said Mr Jaitley. A consortium of banks had moved against Mallya for recovery of over Rs 9,000 crore. Mallya had left India in February 2016 and has been fighting his case from London. (UNI)
Widgets Magazine
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