Mallya effect: Govt working on pacts to nab economic offenders

Against the backdrop of cases related to Vijay Mallya and Lalit Modi, the government today said it is working to have agreements with the maximum number of nations to ensure that big-time economic offenders "cannot hide" abroad.

Finance Minister Arun Jaitley also said in the Lok Sabha that his ministry was examining whether a new law would be required or prevailing statutes will have to be amended to confiscate the properties of those who commit financial crimes in India and hide abroad.

Replying to questions posed in a veiled manner by members regarding Mallya as also former IPL boss Lalit Modi, Jaitley, without mentioning them, said various enforcement agencies have attached assets worth Rs 8040 crore belonging to economic offenders.

In an effort to ensure that big-time economic offenders "cannot hide" in other countries, the government is working on having agreements with maximum number of nations, he said.

Jaitley said the extradition process takes a lot of time though some countries extend help in sending back such people fast by deporting them.

When asked by Saugata Roy (TMC) as to what steps the government has taken to bring back "IPL man", a veiled reference to Lalit Modi and "Kingfisher man", a veiled reference to Mallya, the Finance Minister, without taking names, said Rs 8040 crore worth of assets have already been attached by various enforcement agencies.

Roy was asked by the Chair not to take names in the House.

Mallya, whose now-defunct Kingfisher Airlines owes more than Rs 9,000 crore to various banks, had left India on March 2 last year and is currently in the UK.

Last month, the Indian government handed over to the UK a request to extradite him.