Fugitive Economic Offenders Act

Recently, the Enforcement Directorate (ED) moved an application before the special Prevention of Money Laundering Act court on Monday to declare the controversial televangelist ZakirNaik a Fugitive Economic Offender under the Fugitive Economic Offender Act-2018.Consider the following statements about the Fugitive Economic Offender Act:

  1. It provides to confiscate properties and assets of economic offenders that evade prosecution by remaining outside the jurisdiction of Indian courts.
  2. Economic offences with a value of more than Rs 500 crores, which are listed in the schedule of the Fugitive Economic Offenders Act, come under the purview of this law.

Choose the correct answer from the codes given below:

Only 1
Only 2
Both 1 and 2
Neither 1 nor 2