New Delhi, July 25: The Fugitive Economic Offenders Ordinance, 2018, has been passed in the Rajya Sabha. The bill was passed on Wednesday. The Fugitive Economic Offenders Bill 2018 empowers authorities to attach and confiscate properties as well as assets of economic offenders like loan defaulters who flee the country.

The demand for the ordinance grew after Vijay Mallya, Nirav Modi and Mehul Choksi, among others, allegedly caused massive scams and defaulted on loans by banks and fled from India. The Bill was already passed in the Lok Sabha on July 20.  Check the ANI tweet below:

According to media reports, the ordinance will force the accused to return to India and face trial for the economic offences committed by the offender. The ordinance would aid the financial institutions in recovering a much higher amount from the fugitive economic offenders and discourage future offenders.

(The above story first appeared on LatestLY on Jul 25, 2018 06:17 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).