49 businessmen declared fugitives

Hyderabad: Since the introduction of the Fugitive Economic Offenders Act last year, 49 businesspersons have been listed as wanted by the Enforcement Directorate and the Central Bureau of Investigation. Of the 49, the applications for arrest under the FEO Act have been filed against seven persons and  properties valued at Rs 14,461.1 crore have been attached.

Mr Shiv Prasad Shukla, minister of state for finance, said in Parliament that the seven persons whose arrest has been sought under the FEO Act have been declared as fugitive economic offenders.

An arrest warrant has been issued in cases where the value involved is over Rs 100 crore, and the fugitive has left the country and refused to return to face prosecution. The Act was introduced to empower law enforcement agencies to confiscate the assets of economic absconders. This is similar to the Criminal Procedure Code of 1973 which also allows for attachment and confiscation of properties of absconders.

Under the CrPC, however, the attached properties may be returned if the absconder appears within two years. This implies that pro-perties will be confiscated only after two years of atta-chment. Under FEOA, confiscation of properties will be final once a person is declared a fugitive economic offender.