In July 2018, the central agency filed an application under the newly-promulgated Fugitive Economic Offenders (FEO) Act to declare Modi a fugitive economic offender.
After a person is declared a 'fugitive economic offender', the prosecuting agency is vested with the power to confiscate all his assets and properties to recover the dues.
The new legislation will prevent big economic offenders like Vijay Mallya and Nirav Modi from fleeing the country and evading the law.
Non-bailable warrants were issued against the two, while an Interpol 'red corner' arrest warrant was issued against them on the request of the ED.
The opposition, however, attacked the government for lacking will to stop such defaulters despite having several laws.
Soon after Central Bureau of Investigation (CBI) filed charge sheet in May pointed involvement of top officials of banks, PNB's board decided to divest two executive directors of all powers.
Rajnath Singh on Friday announced that the Centre will be presenting a fugitive economic offenders bill before the Parliament, to prevent economic offenders from fleeing abroad.
Congress leader Anand Sharma called Karti Chidambaram’s arrest in the INX media case as an ‘act of revenge.’
Cabinet approves Fugitive Economic Offenders Bill 2018 to impound properties of Nirav Modi-type defaulters
The proposed law aims to impound and sell assets of fugitives like diamond merchant Nirav Modi and Vijay Mallya with a view to quickly recover dues.