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| 19 July, 2018

India's lower house of parliament approves fugitive economic offenders bill

Authorities to seize assets of super-rich fugitives whose economic offences or crimes involve sums over $14.47mln

People stand in front of the parliament building in New Delhi, India, February 1, 2018.

People stand in front of the parliament building in New Delhi, India, February 1, 2018.

Reuters/Adnan Abidi

NEW DELHI - India's lower house of parliament approved a bill on Thursday empowering the authorities to seize assets of super-rich fugitives whose economic offences or crimes involve sums over 1 billion rupees ($14.47 million).

The Fugitive Economic Offenders Bill would replace an earlier executive order, introduced by the government to initiate seizure of assets of Mumbai jewellers Nirav Modi and his uncle Mehul Choksi, who have fled the country, after being accused of an over $2 billion bank fraud.

($1 = 69.1000 Indian rupees)

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(Reporting by Manoj Kumar; Editing by Malini Menon) ((manoj.kumar@thomsonreuters.com; +91 11 4954 8029; Reuters Messaging: manoj.kumar.thomsonreuters.com@reuters.net))