Under Section 12 of the Fugitive Economic Offenders' Act, 2018, a special court in Mumbai recently has declared a person as a 'fugitive economic offender'. Regarding this consider the following statements: I. Nirav Modi and Mehul Choksi were declared as 'Fugitive economic offender' under Section 12 of the Fugitive Economic Offenders' Act, 2018. II. As per the provision under section 12 of the fugitive economic laundering Act (PMLA) court in Mumbai declared Vijay Malya a 'fugitive economic offender.Which of the statement given above is/are correct?

Under Section 12 of the Fugitive Economic Offenders' Act, 2018, a spec

1.	Under Section 12 of the Fugitive Economic Offenders' Act, 2018, a special court in Mumbai recently has declared a person as a 'fugitive economic offender'. Regarding this consider the following statements: I. Nirav Modi and Mehul Choksi were declared as 'Fugitive economic offender' under Section 12 of the Fugitive Economic Offenders' Act, 2018. II. As per the provision under section 12 of the fugitive economic laundering Act (PMLA) court in Mumbai declared Vijay Malya a 'fugitive economic offender.Which of the statement given above is/are correct?
Answer» 1 Only 2 Only Both 1 and 2 Neither 1 and 2 Solution :Vijay mallya has become the first person to be declared a 'FUGITIVE economic offender' under section 12 of the fugitive economic offenders' ACT, 2018 by a special preventation of money Laundering Act (PMLA) court in Mumbai. Vijay mallya is wanted N india for defaulting on Rs 9,000 crore in loans to his failed kingsfisher Airlines from a consortium of 12 Banks led by the STATE banks of India. Nirav modi and mehul choksi were not declared guilty so far under this Act.