Fleeing billionaires push India to ring-fence alleged defaulters

By Bhuma Shrivastava and Shruti Srivastava India is clipping the wings of businessmen it considers a flight hazard. Weeks after the kingdom s biggest bank fraud research commenced lawmakers bureaucrats and court docket officers started drafting tighter regulations to prevent citizens fleeing overseas https://www.docracy.com/userprofile/show?userId=0w373mcz9bt with unpaid dues. A Mumbai courtroom final week ordered top executives of indebted Aircel Ltd. Owned by using Malaysian billionaire T Ananda Krishnan from leaving India because https://www.zintro.com/profile/zi90bbec49?ref=Zi90bbec49 the failed mobile-service slipped into financial disaster. The same day Parliament started out considering a invoice to confiscate the belongings of so-called fugitive economic offenders even as officers have drawn up a no-fly listing of 91 human beings from companies identified as https://ask.fm/giazizenwi wilful defaulters or those who refuse to pay off loans despite having the means to do so. The measures might also assuage public anger at billionaires who've absconded foreign places leaving at the back of failed groups and money owed that have contributed to the 210 billion of horrific loans on banks stability sheets. Prime Minister Narendra Modi who swept into office in 2014 on a pledge to weed out graft and black money is clamping down on antisocial debtors and corporate cheats as he seeks a second term at national elections next yr and to incorporate political damage from an alleged 2 billion fraud exposed final month. We can t allow human beings to make a mockery of the law Finance Minister Arun Jaitley informed newshounds in New Delhi this month. You first http://www.colourlovers.com/lover/nitinneilz bask in https://thefastdiet.co.uk/forums/users/matheenzaten/ loot after which refuse to post to the jurisdiction of our criminal system. A large crackdown is underway spanning federal criminal investigators tax officers and the banking regulator stated Arpinder Singh a accomplice with accountancy company E