Government empowers PSU banks to request LOCs against fraudsters, wilful defaulters
The Home Ministry has also authorised the Serious Fraud Investigation Office to request LOCs if it feels the suspect may escape from India.
- Jan 27, 2019,
- Updated Jan 27, 2019 9:33 PM IST
In a bid to prevent big economic offenders like Vijay Mallya and Nirav Modi from fleeing the country, the government has empowered PSU banks to request lookout circulars (LOCs) against wilful defaulters and fraudsters, officials said on Sunday.
The Home Ministry has also authorised the Serious Fraud Investigation Office (SFIO), a statutory corporate fraud investigation agency, to request LOCs if it feels the suspect may escape from India.
In a bid to prevent big economic offenders like Vijay Mallya and Nirav Modi from fleeing the country, the government has empowered PSU banks to request lookout circulars (LOCs) against wilful defaulters and fraudsters, officials said on Sunday.
The Home Ministry has also authorised the Serious Fraud Investigation Office (SFIO), a statutory corporate fraud investigation agency, to request LOCs if it feels the suspect may escape from India.