Fugitive Economic Offenders Act, 2018
About
- The Fugitive Economic Offenders (FEO) Act, 2018 was promulgated with the main objective of ensuring that economic offenders return to India to face prosecution.
- According to the Act, a FEO is an individual who has committed specified economic offences involving an amount of Rs 100 crore or more and has absconded from India or refused to come back to India to avoid criminal prosecution.
- Economic offences relate to fraud, counterfeiting, money-laundering, and tax evasion, among others.
- Under the Act, upon declaration as FEO, the properties and assets may be confiscated and vested by the Centre.
- This includes not just the properties directly owned by the FEO and affiliated organisations but also any and all benami properties owned by the offender.
- The Act also empowers courts and tribunals across the country to disentitle anyone declared as a FEO from filing or defending any civil case.