Editor's Pick: India asks G-20 to extradite economic offenders fast

During a meeting of G-20 countries in Gurugram, Haryana on Wednesday, India called upon the nations in the bloc to adopt multilateral actions for quicker extradition of fugitive economic offenders. India was co-chairing the first anti-corruption working group of this year’s G-20 meetings with Italy when Union Minister of Jitendra Singh raised the issue. India is also handling the presidency of G-20 in 2023. “Economic offences have been a problem faced by many, especially when the offenders flee from the jurisdiction of the country. India has put in place specialised legislation in this regard, in the form of Fugitive Economic Offenders Act, 2018, the term wherein ‘fugitive economic offender’ [FEO] is defined as an individual against whom a warrant of arrest in relation to scheduled offence has been issued by any court in India and who has left the country to avoid criminal prosecution; or the FEO abroad refuses to return to face criminal prosecution,” he said. The Enforcement Directorate had transferred assets worth about $180 billion to public sector banks that suffered losses of around $272 billion from frauds committed by high-net-worth individuals, Mr. Singh added. According to the minister, developing stronger mechanism for the extradition of economic fugitives will force them to return to their home country and face investigation and trial. It will also help banks and other financial institutions recover their funds and/or assets, and also possibly eliminate further misuse of these funds. India has been pursuing economic fugitives including Nirav Modi and Vijay Mallya who are currently in the U.K. – another G-20 country – for extradition which has not happened so far. Was this newsletter forwarded to you? Head over to our newsletter subscription page to sign up for Editor’s Pick and more. Click here. 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[Arrow]( [Open in browser]( [Mail icon]( [More newsletters]( India asks G-20 to extradite economic offenders fast During a meeting of G-20 countries in Gurugram, Haryana on Wednesday, India called upon the nations in the bloc to adopt multilateral actions for [quicker extradition of fugitive economic offenders.]( India was co-chairing the first anti-corruption working group of this year’s G-20 meetings with Italy when Union Minister of Jitendra Singh raised the issue. India is also handling the presidency of G-20 in 2023. “Economic offences have been a problem faced by many, especially when the offenders flee from the jurisdiction of the country. India has put in place specialised legislation in this regard, in the form of Fugitive Economic Offenders Act, 2018, the term wherein ‘fugitive economic offender’ [FEO] is defined as an individual against whom a warrant of arrest in relation to scheduled offence has been issued by any court in India and who has left the country to avoid criminal prosecution; or the FEO abroad refuses to return to face criminal prosecution,” he said. The Enforcement Directorate had transferred assets worth about $180 billion to public sector banks that suffered losses of around $272 billion from frauds committed by high-net-worth individuals, Mr. Singh added. According to the minister, developing stronger mechanism for the extradition of economic fugitives will force them to return to their home country and face investigation and trial. It will also help banks and other financial institutions recover their funds and/or assets, and also possibly eliminate further misuse of these funds. India has been pursuing economic fugitives including Nirav Modi and Vijay Mallya who are currently in the U.K. – another G-20 country – for extradition which has not happened so far. Was this newsletter forwarded to you? Head over to our newsletter subscription page to sign up for Editor’s Pick and more. [Click here]( . The Hindu’s Editorials [Arrow][A message for maturity: On Governors, Chief Ministers and constitutional boundaries]( [Arrow][Searing changes: On heatwaves predicted by the Met Office]( The Hindu’s Daily News Quiz Banwarilal Purohit is the Governor of which State? - Rajasthan - Maharashtra - Punjab - West Bengal To know the answer and to take the quiz, [click here.]( Are you a book lover looking for your next literary adventure? Look no further than “The Hindu On Books” weekly newsletter! We scour the shelves to bring you the best new releases and hidden gems in all genres. 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