With reference to Fugitive Economic Offenders Act FEOA 2018 consider the following statements 1 ...........

Economic Affairs Types of Banks and Banking

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With reference to Fugitive Economic Offenders Act (FEOA), 2018, consider the following statements

1. Offences involving amounts of Rs. 200 crore and above fall under the purview of this law.

2. A special court can order the confiscation of a FEO’s properties, including which are benami.

Which of the above statement(s) is/are incorrect?

1 only

2 only

1 and 2 both

None of the above

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Explanation:

The Act is aimed at stopping economic offenders who leave the country to avoid legal process. Offences involving amounts of Rs 100 crore and above fall under the purview of this law. These offences are those defined under the Indian Penal Code, SEBI Act, Customs Act, Companies Act, Prevention of Corruption Act, Limited Liability Partnership Act, and the Insolvency and Bankruptcy Code. A special court can order the confiscation of a FEO’s properties, including which are benami.