Economic Offenders

India on Wednesday emphasised on multilateral action rather than bilateral coordination to ensure faster extradition of fugitive economic offenders and recovery of stolen assets from abroad during the anti-corruption working group meeting of G20 nations here. The assertion assumes significance as the country has been putting in efforts to extradite fugitive economic offenders, including diamond merchant Nirav Modi and businessman Vijay Mallya, from different countries. In the inaugural session of the important anti-graft meet, Union Minister of State for Personnel Jitendra Singh said the corrupt find a way to park their proceeds of crime and it is such money that is pushed into evil activities. This is one of the major sources of terror funding. From illegal drugs that destroy young lives to human trafficking, from weakening democracies to sale of illegal arms, this dirty money funds many destructive enterprises, he said. Singh said there is a need for the global community to work

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'He (Choksi) is currently in the custody of Dominica where some legal proceedings are underway,' says MEA spokesperson

Choksi had mysteriously gone missing on May 23 from Antigua and Barbuda where he was staying since 2018 as a citizen.

SBI has the highest exposure of Rs 1,600 crore out of original loan of Rs 6,900 crore to the defunct Kingfisher Airlines.

In the last five years, India managed to bring only about 20 fugitive offenders including AgustaWestland deal middleman Christian Michel James

The diamond merchant's legal team had claimed political influence

Under the Fugitive Economic Offences Act, the court can order attachment of offenders' properties

Aiming at tackling the issue of fugitive economic offenders, PM Modi had suggested a nine-point agenda

Choksi and Nirav Modi are wanted by the ED and the CBI for allegedly defrauding the PNB to the tune of Rs 13,400 crore

Former Jet Airways promoter Naresh Goyal and his wife Anita are on the list, sources said

Long-range Boeing with ED/CBI officials may head for West Indies

Javadekar said the government will recover every penny that has been looted and will attach their properties in India and abroad

Interpol has already issued RCN against eight persons who have fled the country and extradition requests have been sent in the case of six

Sebi currently has powers to seek call data records (list of people in touch with the caller) of those being probed, but it cannot intercept calls

Officials say that such a list, to be updated on a real-time basis, will serve as a ready reckoner in identifying those committing multiple economic offences

The proposed law will be applicable in cases where the value of offences is over Rs 100 crore