Implementing the Companies Act, the Ministry of Corporate Affairs is looking at a proposal to collect passport details of top company officials to prevent fraudsters like Nirav Modi and Vijay Mallya from leaving the country. The ministry is also looking at curbing illicit funds and has deregistered over 2.26 lakh firms for not having carried out business for a while, reports PTI. A digital warehouse would be set up with passport details which the competent authorities would then be able to refer to and take the appropriate action.
Several fraudsters have in the past fled the country to stay out of the jurisdiction of Indian courts when criminal proceedings were to be initiated against them. To combat this, the Centre had promulgated the Fugitive Economic Offenders Ordinance (FEOO), 2018 that would give the relevant authorities the power to attach proceeds from the crime and other properties owned by the fugitives who fled.
The Ordinance also enables from the setting up of special courts under the Prevention of Money Laundering Act, 2002 under which a defaulter can be declared an Economic Fugitive.
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