Yes Bank founder Rana Kapoor, arrested on money laundering charges, was remanded in the Enforcement Directorate's custody till March 11 by a Mumbai court on Sunday.

Kapoor, 62, former MD and CEO of the private bank, was arrested by the Enforcement Directorate (ED) under provisions of the Prevention of Money Laundering Act (PMLA) here around 3 am on Sunday as he was allegedly not cooperating in the probe, officials earlier said.

He was arrested after charges of alleged financial irregularities and mismanagement in the operations of the private bank surfaced and the RBI and Union government initiated action to control its affairs.

The ED producer Kapoor before a holiday court which remanded him in the probe agency's custody till March 11.

Also read:&nbsp;<a href="https://www.wionews.com/india-news/enforcement-directorate-arrests-yes-bank-founder-rana-kapoor-under-money-laundering-charges-285034">Enforcement Directorate arrests Yes Bank founder Rana Kapoor under money laundering charges</a>

The ED told the court that the role of some companies run by Kapoor's family members needs to be established and they need to confront all these people with the accused.

The defence lawyer, however, said Kapoor has been selectively targeted by the ED and he is cooperating with the probe agency.

"We are ready to cooperate and submit all the documents that the agency wants. I have fully cooperated with them," Kapoor said in the court.

The central probe agency is primarily investigating Kapoor, his wife and three daughters over a Rs 600 crore fund received by a firm allegedly "controlled" by them from an entity linked to the scam-hit Dewan Housing Finance Limited (DHFL), official sources said.

Also see:&nbsp;<a href="https://www.wionews.com/india-news/enforcement-directorate-questions-yes-bank-founder-rana-kapoor-in-money-laundering-case-284929">Enforcement Directorate questions Yes Bank founder Rana Kapoor in money laundering case</a>

The Kapoor's linked firm, DoIT Urban Ventures (India) Pvt Ltd, is alleged to have received the funds when Yes Bank had an exposure of more than Rs 3,000 crore loans to DHFL, already being probed for purported financial irregularities and diversion of funds.

The bank, they said, allegedly did not initiate action to recover the NPA-turned loans from DHFL and the agency suspects that the Rs 600 crore funds were part of alleged kickbacks received as quid pro quo in the firm controlled by the Kapoor family.

Rana Kapoor told the court that the DoIT company is in name of his two daughters- Radha Kapoor and Roshni Kapoor.

Yes Bank had given around Rs 3,700 crore loan to triple-A-rated DHFL company, and later about Rs 600 crore was borrowed by DoIT Company from DHFL, he said.

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The DoIT company is still repaying the loan and it is not an NPA (non-performing asset), Rana Kapoor said.

"From the last few days I was not well, hence my family members took me to Breach Candy Hospital, but still I am cooperating with the ED," he told in the court.

However, the ED told the court that it wants to conduct a thorough investigation and "many people are under the scanner".

The court then remanded Rana Kapoor in ED's custody till March 11.

Before his arrest, he was questioned by the ED sleuths for over 20 hours after the central agency raided his residence on Friday night.

The ED, meanwhile, is also recording the statement of Rana Kapoor's wife and daughters.

The ED action came after the Reserve Bank of India (RBI) on Thursday imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at Rs 50,000 per account, and superseded the board of the private sector lender with immediate effect.

Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment.

Yes Bank founder Rana Kapoor, arrested on money laundering charges, was remanded in the Enforcement Directorate's custody till March 11 by a Mumbai court on Sunday.

Yes Bank founder Rana Kapoor, arrested on money laundering charges, was remanded in the Enforcement Directorate's custody till March 11 by a Mumbai court on Sunday. Kapoor, 62, former MD and CEO of the private bank, was arrested by the Enforcement Directorate (ED) under provisions of the Prevention of Money Laundering Act (PMLA) here around 3 am on Sunday as he was allegedly not cooperating in the probe, officials earlier said. He was arrested after charges of alleged financial irregularities and mismanagement in the operations of the private bank surfaced and the RBI and Union government initiated action to control its affairs. The ED producer Kapoor before a holiday court which remanded him in the probe agency's custody till March 11. Also read: Enforcement Directorate arrests Yes Bank founder Rana Kapoor under money laundering charges The ED told the court that the role of some companies run by Kapoor's family members needs to be established and they need to confront all these people with the accused. The defence lawyer, however, said Kapoor has been selectively targeted by the ED and he is cooperating with the probe agency. "We are ready to cooperate and submit all the documents that the agency wants. I have fully cooperated with them," Kapoor said in the court. The central probe agency is primarily investigating Kapoor, his wife and three daughters over a Rs 600 crore fund received by a firm allegedly "controlled" by them from an entity linked to the scam-hit Dewan Housing Finance Limited (DHFL), official sources said. Also see: Enforcement Directorate questions Yes Bank founder Rana Kapoor in money laundering case The Kapoor's linked firm, DoIT Urban Ventures (India) Pvt Ltd, is alleged to have received the funds when Yes Bank had an exposure of more than Rs 3,000 crore loans to DHFL, already being probed for purported financial irregularities and diversion of funds. The bank, they said, allegedly did not initiate action to recover the NPA-turned loans from DHFL and the agency suspects that the Rs 600 crore funds were part of alleged kickbacks received as quid pro quo in the firm controlled by the Kapoor family. Rana Kapoor told the court that the DoIT company is in name of his two daughters- Radha Kapoor and Roshni Kapoor. Yes Bank had given around Rs 3,700 crore loan to triple-A-rated DHFL company, and later about Rs 600 crore was borrowed by DoIT Company from DHFL, he said. Watch: × The DoIT company is still repaying the loan and it is not an NPA (non-performing asset), Rana Kapoor said. "From the last few days I was not well, hence my family members took me to Breach Candy Hospital, but still I am cooperating with the ED," he told in the court. However, the ED told the court that it wants to conduct a thorough investigation and "many people are under the scanner". The court then remanded Rana Kapoor in ED's custody till March 11. Before his arrest, he was questioned by the ED sleuths for over 20 hours after the central agency raided his residence on Friday night. The ED, meanwhile, is also recording the statement of Rana Kapoor's wife and daughters. The ED action came after the Reserve Bank of India (RBI) on Thursday imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at Rs 50,000 per account, and superseded the board of the private sector lender with immediate effect. Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment.

Yes Bank founder Rana Kapoor sent in ED custody till March 11

The Enforcement Directorate arrested Yes Bank founder Rana Kapoor under money laundering charges here in the early hours of Sunday, officials said.

The banker was held under the provision of the Prevention of Money Laundering Act (PMLA) around 3 am as he was allegedly not cooperating in the probe, they said.

Kapoor's arrest at the ED office in Ballard Estate followed over 20 hours of questioning by the central agency after it raided his residence on Friday night.

Also read:&nbsp;<a href="https://www.wionews.com/india-news/enforcement-directorate-questions-yes-bank-founder-rana-kapoor-in-money-laundering-case-284929">Enforcement Directorate questions Yes Bank founder Rana Kapoor in money laundering case</a>

The arrest comes after charges of alleged financial irregularities and mismanagement in the operations of the private bank surfaced and the RBI and Union government initiated action to control its affairs.

The arrest comes after charges of alleged financial irregularities and mismanagement in the operations of the private bank surfaced and the RBI and Union government initiated action to control its affairs.

Officials said Kapoor, 62, will be produced before a local court during the day to obtain custody.

Also see:&nbsp;<a href="https://www.wionews.com/india-news/state-bank-of-india-says-a-49-stake-in-yes-bank-will-cost-331-million-284907">State Bank of India says a 49% stake in Yes Bank will cost $331 million</a>

The investigating officer of the case had recorded Kapoor's statement under the PMLA when he was first interrogated on Friday night at his upscale residence in 'Samudra Mahal' complex in Worli area here.

He was brought to the ED office on Saturday noon for a fresh round of questioning.

On Saturday, the agency widened its probe in the case as the premises of Kapoor's three daughters in Delhi and Mumbai were searched to gather more information and evidence.

Also read:<a href="https://www.wionews.com/india-news/potential-investor-will-have-to-pick-up-49-stake-in-yes-bank-sbi-shown-willingness-rbi-284817">&nbsp;Potential investor will have to pick up 49% stake in Yes Bank; SBI shown willingness: RBI</a>

According to officials, Kapoor's wife Bindu and daughters Rakhee Kapoor Tandon, Roshni Kapoor and Radha Kapoor are allegedly linked to some companies to which the suspected "proceeds of crime" have been traced.

The case against Kapoor is linked to the scam-hit DHFL as the loans lent by the bank to the company allegedly turned NPAs, they said.

A Rs 600 crore worth loan extended by the DHFL to an entity is also at the centre of the ED probe, officials said.

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The central agency is also probing Kapoor's role in connection with the disbursal of loans to some corporate entities and the subsequent alleged kickbacks reportedly received in his wife's accounts.

Other alleged irregularities are also under the agency's scanner including the one related to the alleged PF fraud in the Uttar Pradesh power corporation, they added.

The CBI has recently taken over the investigation into the Rs 2,267-crore Employees' Provident Fund fraud in Uttar Pradesh, where hard-earned savings of power sector employees were invested in Dewan Housing Finance Corporation (DHFL).

The ED action came after the Reserve Bank of India (RBI) on Thursday imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at Rs 50,000 per account, and superseded the board of the private sector lender with immediate effect.

Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment.

As per the RBI's draft reconstruction scheme, State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan.

The Enforcement Directorate arrested Yes Bank founder Rana Kapoor under money laundering charges here in the early hours of Sunday, officials said. The banker was held under the provision of the Prevention of Money Laundering Act (PMLA) around 3 am as he was allegedly not cooperating in the probe, they said.

The Enforcement Directorate arrested Yes Bank founder Rana Kapoor under money laundering charges here in the early hours of Sunday, officials said. The banker was held under the provision of the Prevention of Money Laundering Act (PMLA) around 3 am as he was allegedly not cooperating in the probe, they said. Kapoor's arrest at the ED office in Ballard Estate followed over 20 hours of questioning by the central agency after it raided his residence on Friday night. Also read: Enforcement Directorate questions Yes Bank founder Rana Kapoor in money laundering case The arrest comes after charges of alleged financial irregularities and mismanagement in the operations of the private bank surfaced and the RBI and Union government initiated action to control its affairs. The arrest comes after charges of alleged financial irregularities and mismanagement in the operations of the private bank surfaced and the RBI and Union government initiated action to control its affairs. Officials said Kapoor, 62, will be produced before a local court during the day to obtain custody. Also see: State Bank of India says a 49% stake in Yes Bank will cost $331 million The investigating officer of the case had recorded Kapoor's statement under the PMLA when he was first interrogated on Friday night at his upscale residence in 'Samudra Mahal' complex in Worli area here. He was brought to the ED office on Saturday noon for a fresh round of questioning. On Saturday, the agency widened its probe in the case as the premises of Kapoor's three daughters in Delhi and Mumbai were searched to gather more information and evidence. Also read: Potential investor will have to pick up 49% stake in Yes Bank; SBI shown willingness: RBI According to officials, Kapoor's wife Bindu and daughters Rakhee Kapoor Tandon, Roshni Kapoor and Radha Kapoor are allegedly linked to some companies to which the suspected "proceeds of crime" have been traced. The case against Kapoor is linked to the scam-hit DHFL as the loans lent by the bank to the company allegedly turned NPAs, they said. A Rs 600 crore worth loan extended by the DHFL to an entity is also at the centre of the ED probe, officials said. Watch: × The central agency is also probing Kapoor's role in connection with the disbursal of loans to some corporate entities and the subsequent alleged kickbacks reportedly received in his wife's accounts. Other alleged irregularities are also under the agency's scanner including the one related to the alleged PF fraud in the Uttar Pradesh power corporation, they added. The CBI has recently taken over the investigation into the Rs 2,267-crore Employees' Provident Fund fraud in Uttar Pradesh, where hard-earned savings of power sector employees were invested in Dewan Housing Finance Corporation (DHFL). The ED action came after the Reserve Bank of India (RBI) on Thursday imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at Rs 50,000 per account, and superseded the board of the private sector lender with immediate effect. Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment. As per the RBI's draft reconstruction scheme, State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan.

Enforcement Directorate arrests Yes Bank founder Rana Kapoor under money laundering charges

Indrani Mukerjea, who recently turned an approver in the <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/india-news/inx-media-case-cbi-court-allows-indrani-mukerjea-to-turn-approver-232968&amp;sa=U&amp;ved=2ahUKEwjb-t33x6zjAhUd7XMBHfDvCfQQFjAAegQIBBAC&amp;usg=AOvVaw1yMrk8qHeucpMPd7YbJHli">INX Media case</a>, on Thursday appeared before a special CBI court here and accepted its pardon in the case in which former finance minister P Chidambaram and his son Karti are facing the probe.

Indrani, the former head of INX Media, appeared before Special CBI Judge Arun Bhardwaj and gave an assurance that she will record her statements "truthfully with all the facts".&nbsp;

Earlier this month, the court had allowed her application seeking to turn approver in the case. The court had also allowed her plea seeking pardon.&nbsp;

Today, with her acceptance of pardon in the court, she has become an approver and is no more an accused."I am aware that the court has allowed the application and granted me pardon, subject to the conditions as mentioned in that order. In the case of giving false evidence and not complying with the condition, I would be tried for the offence," she told the court. Indrani said that she will abide by the terms and conditions without "fear or pressure".

Last year, Indrani, after giving a confessional statement in the court, had filed a plea seeking to become an approver. The Central Bureau of Investigation (CBI) had earlier submitted that it has come across evidence in the form of conversations which only Indrani is privy to and will help consolidate the case.

On May 15, 2017, the CBI had registered an FIR in the case alleging irregularities in the Foreign Investment Promotion Board (FIPB) clearance granted to INX Media for receiving overseas funds to the tune of Rs 305 crore in 2007, during P Chidambaram`s tenure as the finance minister.

Based on the FIR, the Enforcement Directorate (ED) had registered a Prevention of Money Laundering Act (PMLA) case against him.&nbsp;

On February 3, the Union Law Ministry granted sanction to the CBI to prosecute P Chidambaram in connection with the matter.

The ED has also attached properties worth Rs 54 crore belonging to his son Karti, and a firm in the case and is probing how the FIPB clearance was granted to the group in 2007.

The agency has claimed that its probe shows that for the FIPB approval, INX Media directors Peter Mukerjea and Indrani Mukerjea had met P Chidambaram so that there was no delay in their application. It has also attached properties belonging to the Mukerjeas.

She is currently lodged in Byculla jail in Mumbai in connection with the case of murder of her daughter Sheena Bora.

Indrani Mukerjea, who recently turned an approver in the INX Media case, on Thursday appeared before a special CBI court here and accepted its pardon in the case in which former finance minister P Chidambaram and his son Karti are facing the probe.

Indrani Mukerjea, who recently turned an approver in the INX Media case, on Thursday appeared before a special CBI court here and accepted its pardon in the case in which former finance minister P Chidambaram and his son Karti are facing the probe. Indrani, the former head of INX Media, appeared before Special CBI Judge Arun Bhardwaj and gave an assurance that she will record her statements "truthfully with all the facts". Earlier this month, the court had allowed her application seeking to turn approver in the case. The court had also allowed her plea seeking pardon. Today, with her acceptance of pardon in the court, she has become an approver and is no more an accused."I am aware that the court has allowed the application and granted me pardon, subject to the conditions as mentioned in that order. In the case of giving false evidence and not complying with the condition, I would be tried for the offence," she told the court. Indrani said that she will abide by the terms and conditions without "fear or pressure". Last year, Indrani, after giving a confessional statement in the court, had filed a plea seeking to become an approver. The Central Bureau of Investigation (CBI) had earlier submitted that it has come across evidence in the form of conversations which only Indrani is privy to and will help consolidate the case. On May 15, 2017, the CBI had registered an FIR in the case alleging irregularities in the Foreign Investment Promotion Board (FIPB) clearance granted to INX Media for receiving overseas funds to the tune of Rs 305 crore in 2007, during P Chidambaram`s tenure as the finance minister. Based on the FIR, the Enforcement Directorate (ED) had registered a Prevention of Money Laundering Act (PMLA) case against him. On February 3, the Union Law Ministry granted sanction to the CBI to prosecute P Chidambaram in connection with the matter. The ED has also attached properties worth Rs 54 crore belonging to his son Karti, and a firm in the case and is probing how the FIPB clearance was granted to the group in 2007. The agency has claimed that its probe shows that for the FIPB approval, INX Media directors Peter Mukerjea and Indrani Mukerjea had met P Chidambaram so that there was no delay in their application. It has also attached properties belonging to the Mukerjeas. She is currently lodged in Byculla jail in Mumbai in connection with the case of murder of her daughter Sheena Bora.

INX Media case: Indrani Mukerjea appears before court, accepts pardon

<a href="https://www.google.com/url?q=https://www.wionews.com/india-news/vvip-choppers-mp-cm-kamal-naths-nephew-appears-before-ed-207853&amp;sa=U&amp;ved=0ahUKEwipqrHYorbhAhVw7XMBHei_DhwQFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw2dGCGklh2LeZMKCjVhp8UG">Ratul Puri</a>, nephew of Madhya Pradesh Chief Minister <a href="https://www.google.com/url?q=https://www.wionews.com/india-news/vvip-choppers-mp-cm-kamal-naths-nephew-appears-before-ed-207853&amp;sa=U&amp;ved=0ahUKEwj7ya3torbhAhVo4nMBHR0VA90QFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw3Me099G2nmxnEnZYL2AcPk">Kamal Nath</a>, Thursday appeared before the ED in connection with the AgustaWestland VVIP choppers money laundering case, officials said.

They said Puri met the Investigating Officer (IO) of the case around 11 AM.

It is expected that Puri’s statement would be recorded under the Prevention of Money Laundering Act (PMLA).

The central agency had Wednesday informed a Delhi court that Puri, Chairman of Hindustan Powerprojects Pvt Ltd, has been summoned in this high-profile case for interrogation.

He is the son of Nita and Deepak Puri, the CMD of optical storage media firm Moser Baer. Nita is Nath’s sister.

The Enforcement Directorate had also informed the court that Puri was summoned for confronting him with Sushen Mohan Gupta, an arrested middleman in the case, whose custodial interrogation was Wednesday extended by three more days by the court.

Seeking the extension of Gupta’s custody, the ED had told the court that he was required to be confronted with various people including Puri in the case pertaining to the now scrapped Rs 3,600 crore chopper deal.

Puri, who was summoned to join the probe on Wednesday, denied having “any connection or involvement of any kind in defence or the case”.

In a statement, his company had said: “He would be fully cooperating with the ED investigation and provide any clarification or information as may be required.”

The about Rs 3,600 crore deal to purchase AgustaWestland choppers for the transport of VVIPs was scrapped by India over allegations of corruption and kickbacks being paid in the deal.

The ED and the CBI are probing the case now and have already filed multiple charge sheets in the case.

Ratul Puri, nephew of Madhya Pradesh Chief Minister Kamal Nath, Thursday appeared before the ED in connection with the AgustaWestland VVIP choppers money laundering case, officials said.

Ratul Puri, nephew of Madhya Pradesh Chief Minister Kamal Nath, Thursday appeared before the ED in connection with the AgustaWestland VVIP choppers money laundering case, officials said. They said Puri met the Investigating Officer (IO) of the case around 11 AM. It is expected that Puri’s statement would be recorded under the Prevention of Money Laundering Act (PMLA). The central agency had Wednesday informed a Delhi court that Puri, Chairman of Hindustan Powerprojects Pvt Ltd, has been summoned in this high-profile case for interrogation. He is the son of Nita and Deepak Puri, the CMD of optical storage media firm Moser Baer. Nita is Nath’s sister. The Enforcement Directorate had also informed the court that Puri was summoned for confronting him with Sushen Mohan Gupta, an arrested middleman in the case, whose custodial interrogation was Wednesday extended by three more days by the court. Seeking the extension of Gupta’s custody, the ED had told the court that he was required to be confronted with various people including Puri in the case pertaining to the now scrapped Rs 3,600 crore chopper deal. Puri, who was summoned to join the probe on Wednesday, denied having “any connection or involvement of any kind in defence or the case”. In a statement, his company had said: “He would be fully cooperating with the ED investigation and provide any clarification or information as may be required.” The about Rs 3,600 crore deal to purchase AgustaWestland choppers for the transport of VVIPs was scrapped by India over allegations of corruption and kickbacks being paid in the deal. The ED and the CBI are probing the case now and have already filed multiple charge sheets in the case.

Madhya Pradesh CM Kamal Nath’s nephew appears before ED for his money laundering case

President Ram Nath Kovind last night promulgated Fugitive Economic Offenders Ordinance that will allow the government to confiscate properties and assets of loan defaulters who flee the country.

Also read: <a href="http://www.wionews.com/india-news/death-for-raping-children-what-the-ordinance-says-131971">Death for raping children: What the ordinance says</a>

The president promulgated the Ordinance within hours of it being cleared by the Union Cabinet headed by Prime Minister Narendra Modi.

The Fugitive Economic Offenders Bill was introduced in the Lok Sabha on March 12, but could not be taken up for discussion and passage due to the logjam in Parliament over various issues.

Also read: <a href="http://www.wionews.com/india-news/govt-unveils-new-fugitive-economic-offenders-bill-34440">Govt unveils new Fugitive Economic Offenders Bill</a>

The ordinance seeks to confiscate properties of economic offenders like diamond merchant Nirav Modi, who have left the country to avoid facing criminal prosecution.

The provisions of the ordinance will apply for economic offenders who refuse to return, persons against whom an arrest warrant has been issued for a scheduled offence as well as willful bank loan defaulters with outstanding of over Rs 100 crore.

It provides for confiscating assets even without a conviction and paying off lenders by selling off the fugitive's properties.

Such economic offenders will be tried under Prevention of Money Laundering Act (PMLA).

The ordinance defines a fugitive economic offender as a person against whom an arrest warrant has been issued for committing an offence like counterfeiting government stamps or currency, cheque dishonour for insufficiency of funds, money laundering, and transactions defrauding creditors.

A fugitive economic offender is one who has left the country to avoid facing prosecution or refuses to return to face prosecution.&nbsp

According to the ordinance, a director or deputy director (appointed under the PMLA, 2002) may file an application before a special court (designated under the 2002 Act) to declare a person as a fugitive economic offender.

The application will contain the reasons to believe that an individual is a fugitive economic offender.

Besides, the application will have information about his whereabouts, a list of properties believed to be proceeds of a crime for which confiscation is sought, a list of benami properties or foreign properties for which confiscation is sought, and a list of persons having an interest in these properties.

Upon receiving the application, the special court will issue a notice to the individual, requiring him to appear at a specified place within six weeks. If the person appears at the specified place, the special court will terminate its proceedings under the provisions of the Bill.

Any property belonging to the fugitive economic offender may provisionally be attached without the prior permission of the special court, provided that an application is filed before the court within 30 days.

Appeals against the orders of the special court will lie before the High Court.

The president promulgated the Ordinance within hours of it being cleared by the Union Cabinet headed by Prime Minister Narendra Modi

President Ram Nath Kovind last night promulgated Fugitive Economic Offenders Ordinance that will allow the government to confiscate properties and assets of loan defaulters who flee the country. Also read: Death for raping children: What the ordinance says The president promulgated the Ordinance within hours of it being cleared by the Union Cabinet headed by Prime Minister Narendra Modi. The Fugitive Economic Offenders Bill was introduced in the Lok Sabha on March 12, but could not be taken up for discussion and passage due to the logjam in Parliament over various issues. Also read: Govt unveils new Fugitive Economic Offenders Bill The ordinance seeks to confiscate properties of economic offenders like diamond merchant Nirav Modi, who have left the country to avoid facing criminal prosecution. The provisions of the ordinance will apply for economic offenders who refuse to return, persons against whom an arrest warrant has been issued for a scheduled offence as well as willful bank loan defaulters with outstanding of over Rs 100 crore. It provides for confiscating assets even without a conviction and paying off lenders by selling off the fugitive's properties. Such economic offenders will be tried under Prevention of Money Laundering Act (PMLA). The ordinance defines a fugitive economic offender as a person against whom an arrest warrant has been issued for committing an offence like counterfeiting government stamps or currency, cheque dishonour for insufficiency of funds, money laundering, and transactions defrauding creditors. A fugitive economic offender is one who has left the country to avoid facing prosecution or refuses to return to face prosecution. According to the ordinance, a director or deputy director (appointed under the PMLA, 2002) may file an application before a special court (designated under the 2002 Act) to declare a person as a fugitive economic offender. The application will contain the reasons to believe that an individual is a fugitive economic offender. Besides, the application will have information about his whereabouts, a list of properties believed to be proceeds of a crime for which confiscation is sought, a list of benami properties or foreign properties for which confiscation is sought, and a list of persons having an interest in these properties. Upon receiving the application, the special court will issue a notice to the individual, requiring him to appear at a specified place within six weeks. If the person appears at the specified place, the special court will terminate its proceedings under the provisions of the Bill. Any property belonging to the fugitive economic offender may provisionally be attached without the prior permission of the special court, provided that an application is filed before the court within 30 days. Appeals against the orders of the special court will lie before the High Court.

President promulgates fugitive economic offenders ordinance