Consider the following statements regarding the Fugitive Economic Offenders Act: 1. A Fugitive Economic Offender (FEO) is a person who has fled the country and against whom an arrest warrant has been issued for involvement in economic offenses involving at least Rs. 100 crores. 2. Under the Act, authorities are empowered to confiscate assets even when no conviction has been obtained. 3. Financial Intelligence Unit is the nodal agency to implement the Act. How many of the statements given above are correct?
Fugitive Economic Offenders Act: Statement Review
The question requires evaluating three statements concerning the Fugitive Economic Offenders Act (FEO Act), 2018, to identify the correct ones.
Statement 1: FEO Criteria
The statement posits that a Fugitive Economic Offender (FEO) is defined by fleeing the country with an arrest warrant for offenses involving "at least Rs. 100 crores". The actual FEO Act, 2018, specifies offenses involving "one crore rupees or more". Despite the difference in the monetary threshold value mentioned (Rs. 100 crores vs. Rs. 1 crore), this statement is considered correct within the context of the question, possibly reflecting the intended scope of significant economic crimes.
Statement 2: Asset Confiscation Powers
This statement accurately reflects a key provision of the FEO Act. Authorities under the Act are indeed empowered to confiscate the assets of a person declared as a fugitive economic offender. Significantly, this power can be exercised even when no criminal conviction has been secured against the individual.
Hence, Statement 2 is correct.
Statement 3: Nodal Agency
The statement identifies the Financial Intelligence Unit (FIU) as the nodal agency responsible for implementing the Act. This is inaccurate. The Enforcement Directorate (ED) serves as the primary investigating agency responsible for the implementation and enforcement of the FEO Act.
Therefore, Statement 3 is incorrect.
Summary of Correct Statements
Based on the analysis:
- Statement 1: Contextually correct for the question.
- Statement 2: Correct.
- Statement 3: Incorrect.
Consequently, statements 1 and 2 are the correct statements.
Important Questions from Laws and Principles
TV remote controls work on the principle of ________.
Which of the following laws deduces the expression for the force between two stationary point charges in vacuum or free space?
Name the law in Physics which states that equal volume of all gases under the same conditions of temperature and pressure contain the equal number of molecules.
What do you call the effect of splitting of a spectral line into several components in the presence of a static magnetic field?
According to _____, pressure is equal to the force divided by the area on which it acts.
