G-20 Summit: PM Modi presents plan to nab fugitives

New Delhi: At a time when India is seeking extradition of alleged economic offenders like Nirav Modi, Mehul Choksi and Vijay Mallya who have fled abroad, Prime Minister Narendra Modi proposed to the leaders of G-20 countries a robust, global mechanism that denies entry and safe havens to fugitive economic offenders and streamlines the process for the repatriation of proceeds of crime.

“Striking at the root of economic malpractices for a better future,” Mr Modi tweeted, adding, “During the second session at G-20 Summit, which focu-sed on international trade, financial and tax systems, I presented a 9-point programme on ways to take stringent action against fugitive economic offenders.”

The 9-point agenda, presented at Argentina’s capital Buenos Aires on Saturday, called for cooperation in legal processes, such as effective freezing of the proceeds of crime, early return of the offenders and efficient repatriation of the proceeds of crime.

It also called for joint effort by G-20 countries to form a mechanism that denies entry and safe havens to all fugitive economic offenders.

Mr Modi’s proposals to deal comprehensively and efficiently with the menace of fugitive economic offenders comes at a time when fellow G-20 countries are hosting Nirav Modi and Vijay Mallya who has been accused of duping Indian banks of billions of rupees. India has been trying to extradite both of them.

Mr Modi also suggested that the Financial Action Task Force (FATF) formulate a standard definition of fugitive economic offenders and focus on establishing international cooperation for timely exchange of information.

“FATF,” he said, “should also develop a set of commonly agreed and standardised procedures related to identification, extradition and judicial proceedings for dealing with fugitive economic offenders to provide guidance and assistance to G-20 countries, subject to their domestic law”.

Mr Modi’s 9-point plan also stated, “Common platform should be set up for sharing experiences and best practices, including successful cases of extradition, gaps in existing systems of extradition and legal assistance, etc. G-20 forum should consider initiating work on locating properties of economic offenders who have a tax debt in the country of their residence for its recovery.”