India calls upon G20 Nations to adopt multilateral action for faster extradition of fugitive economic offenders
Image by Twitter @JamesCleverly
India on Wednesday, 1 March, called upon G20 Nations to adopt multilateral action for faster extradition of fugitive economic offenders and recovery of assets both on the domestic front and abroad.
Chairing the first Anti-Corruption working group meeting of G20 nations in Gurugram, Minister of State for Personnel, Public Grievances and Pensions, Dr Jitendra Singh, highlighted the problems faced by a country when its economic offenders flee from the jurisdiction.
He said that the adverse impact of such incidents on a country can be seen in the effective utilisation of resources, the quality of life of the citizens, economic growth and overall governance and most disproportionately affecting the poor and most marginalised. Dr Singh underlined that India has already put in place specialised legislation in this regard.
The minister informed that the Enforcement Directorate (ED) has transferred assets worth about 180 billion dollars to public sector banks that have suffered losses to the tune of around 272 billion dollars due to the frauds committed by high-net-worth individuals.
Addressing the G20 delegates, Dr Singh reiterated that India’s view to strengthening the mechanisms for speedy confiscation of the proceeds of crime, both at home and abroad, will force the offenders to return to their home country.
Many financial fugitives have been residing in the UK for several years awaiting extradition to India to face charges, including businessmen Vijay Mallya and Nirav Modi.
As a part of this meeting, a side event was also held on the theme of Leveraging ICT (Information and Communications Technology) for combating corruption in Public Sector.