logo
14 individuals declared fugitive economic offenders under 2018 law: ED report

14 individuals declared fugitive economic offenders under 2018 law: ED report

Indian Express01-05-2025

ED Director Rahul Navin said the 2018 law was a significant step in India's efforts to combat economic offences, particularly those committed by individuals who believed that they could evade prosecution by fleeing the country. 'The ED filed applications to get 24 individuals declared as fugitive economic offenders until now, and 14 of them were declared so,' he said.
Others on the list of 14 are Sandesara Group promoters Nitin, Chetan and Deepti Sandesara; Hitesh Patel, an accused in the Rs 8,100-crore bank loan fraud linked to Gujarat-based Sterling Biotech group; Zylog Systems Ltd promoters Sudarshan Venkataraman and Ramanujam Sesharathnam, the report said.
According to the report, FEOA equips the ED to target individuals who flee the country to evade prosecution for economic offences exceeding Rs 100 crore. 'This function addresses the growing challenge of offenders like Nirav Modi and Vijay Mallya, who abscond after perpetrating large-scale financial frauds. The ED's role includes identifying and confiscating their assets, both domestic and international, to prevent the dissipation of proceeds of crime,' the report said.
'The ED has confiscated assets worth more than Rs 900 crore till now under the 2018 law and we are planning to enforce these provisions more effectively in coordination with the police and other agencies,' he added.
'Through action under this Act, ED has been successful in getting one individual to return to the country and joining the prosecution proceedings. Recently, non-conviction based confiscation was added to the recommendation of the Financial Action Task Force,' the report said.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Minda Corporation enters into JV with Japan-based Toyodenso Co.
Minda Corporation enters into JV with Japan-based Toyodenso Co.

Business Standard

time11 minutes ago

  • Business Standard

Minda Corporation enters into JV with Japan-based Toyodenso Co.

To manufacture advance automotive switches for Indian market Minda Corporation announced a Joint Venture with Japan-based Toyodenso Co. for advance automotive switches for the Indian market. The partnership will provide end-to end solutions including design, development, manufacturing and marketing of Automotive Switches for two-wheelers, Passenger Cars and other automotive segment for the Indian market. Minda Corporation will have majority stake in the newly formed venture with an investment in the agreed shareholding ratio of 60:40. The new Joint venture has already received orders from customers in India. This greenfield plant will be set up in Noida, Uttar Pradesh and is expected to commence operations by 2nd half of FY 2026-27. This partnership is strategically aligned to cater to the rising demand for advanced switches in the Indian automotive sector and in line with the company synergistic product portfolio and localization of new products and technologies for the customers. Through this partnership, Toyodenso will bring new technologies and advanced engineering capabilities while Minda Corporation will contribute with its deep expertise in localised manufacturing, and robust supply chain ecosystem etc.

Hindustan Zinc Ltd spurts 0.57%, gains for fifth straight session
Hindustan Zinc Ltd spurts 0.57%, gains for fifth straight session

Business Standard

time11 minutes ago

  • Business Standard

Hindustan Zinc Ltd spurts 0.57%, gains for fifth straight session

Hindustan Zinc Ltd is quoting at Rs 537.1, up 0.57% on the day as on 12:44 IST on the NSE. The stock is down 21.96% in last one year as compared to a 8.05% jump in NIFTY and a 2.8% jump in the Nifty Metal. Hindustan Zinc Ltd is up for a fifth straight session today. The stock is quoting at Rs 537.1, up 0.57% on the day as on 12:44 IST on the NSE. The benchmark NIFTY is up around 0.38% on the day, quoting at 25199.55. The Sensex is at 82711.36, up 0.39%. Hindustan Zinc Ltd has gained around 23.49% in last one month. Meanwhile, Nifty Metal index of which Hindustan Zinc Ltd is a constituent, has gained around 7.28% in last one month and is currently quoting at 9509.7, up 0.56% on the day. The volume in the stock stood at 30.01 lakh shares today, compared to the daily average of 43.29 lakh shares in last one month. The benchmark June futures contract for the stock is quoting at Rs 533.9, up 0.52% on the day. Hindustan Zinc Ltd is down 21.96% in last one year as compared to a 8.05% jump in NIFTY and a 2.8% jump in the Nifty Metal index. The PE of the stock is 21.8 based on TTM earnings ending March 25.

S'pore-backed Prestige Estates Projects bets on India's entertainment boom
S'pore-backed Prestige Estates Projects bets on India's entertainment boom

Business Standard

time11 minutes ago

  • Business Standard

S'pore-backed Prestige Estates Projects bets on India's entertainment boom

The developer, which counts Blackrock Inc. and Vanguard Inc. as its investors, plans to allocate 40 per cent space in malls to entertainment and restaurants Bloomberg Prestige Estates Projects Ltd., which ranks among India's top five real estate developers by market value, is looking to sell more entertainment and dining spaces in malls while cutting back on apparel retailers, a top official said. 'Shopping can be done from anywhere once you know the brand, entertainment cannot be bought online,' Muhammed Ali, chief executive officer-retail of the Singapore government-backed firm said over phone. The developer, which counts Blackrock Inc. and Vanguard Inc. as its investors, plans to allocate 40 per cent space in malls to entertainment and restaurants, twice of what its older properties offer. At the same time, retail space will be cut from as much as 85 per cent to 60 per cent, Ali added. His strategy mirrors the rapid transformation in India's consumer landscape driven by a combination of rising income levels, aspirations and demographics. It also comes as e-commerce is challenging traditional retail, and malls are trying to reposition themselves as experience-driven destinations with shopping, leisure and lifestyle thrown in the mix. India's top cinema chain PVR Inox Ltd. is betting on a slew of big-ticket Bollywood and Hollywood releases to bring back audiences while consultancy firm Mordor Intelligence notes that quick service restaurants are seeing a steady rise in average order value and increasingly establishing themselves in retail spaces to capture a broader customer base. Prestige plans to grow its presence to 15 malls spanning 10 million square feet in cities such as Bangalore, Mumbai, Hyderabad, and Goa by 2030. It operates four malls at present. Prestige is expanding the scope of entertainment to include physical activities that engage people of all ages and help them 'burn a few hundred calories.' Prestige shares have fallen 11 per cent over the last year, nearly twice the decline in the NSE Realty index. The company's profit for the year ended March 31 was down 62 per cent on year to Rs 6.16 billion ($72.1 million), the lowest in five years. Live Performances Analysts at JM Financial said in a note on Monday that they expect growth in residential sales to moderate after surging in the last two to three years. That makes it imperative for Prestige and other developers to diversify their revenue stream. 'These are the things that online cannot compete with us, where senses are involved, where you need to physically be there,' said Ali, referring to entertainment and dining. The company is also focused on live performances. The new mall structure is expected to generate around 12.50 billion rupees in rentals annually by 2030, Ali said. That is a sixfold jump from a little over rupees two billion the company made in rentals in the financial year through March 2025. 'We are challenging the status quo. These malls are going to be very exciting platforms,' said Ali.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store