There have been numerous instances of financial or banking frauds, that involve high net worth individuals with the proceeds of crime involved with more than 1 billion US dollars: Union Min Jitendra Singh at the 1st G20 ‘Anti Corruption Working Group’ (ACWG) meeting in Gurugram

And during the course of investigations it is found that the offender’s fled the country before or after the detection of the offence, as a result of which the passports were revoked with a view to restrict their movement: Union Minister Dr Jitendra Singh

The Enforcement Directorate of India has transformed assets worth about $180 billion to the public sector banks that suffered losses to the tune of around $272 billion due to frauds committed allegedly by such high net worth individuals: Union Minister Dr Jitendra Singh

I will say that for better coordination streamlining of the judicial processes and timely disposal of cases, there is a requirement for multilateral action rather than bilateral coordination: Union Minister Dr Jitendra Singh

The (bilateral coordination) which proves to be more complex and presents obstacles in making progress on cases related to these foreign economic offenders and the recovery of the related assets: Union Minister Dr Jitendra Singh

It is our considered view in India that strengthening of mechanisms for speedy confiscation of the proceeds of crime, both at home & abroad,will force the offenders to return to their home country. It will allow for an speedy trial of the related offence: Union Min Jitendra Singh