Private member's bill to recover ill gotten money

NEW DELHI: A private member bill seeking to further amend the Indian Penal Code to recover from "relatives and associations" public money amassed by fraudulent firms was introduced in the Rajya Sabha today.

Introducing the Indian Penal Code (Amendment) Bill, 2013, CPI-M leader K N Balagopal said, "Instead of penalty and imprisonment for three to seven years, we have to make a provision in the law to recover the money from relatives and associates."

Currently, there are two laws including the Smugglers and Foreign Exchange Manipulators Act ( SAFEMA) that have a provision to recover money amassed by fraudulent people and firms from their relatives and associates.

"We need to add this provision in IPC also. I request the government to take this amendment seriously. If the Narendra Modi government is serious about getting back the black money and curb corruption, they have to make this amendment," he said.

Balagopal cited a few cases where the offenders taking advantage of the loopholes in law duped investors of crores of rupees but were handed over lighter sentences and jail term.

Chaudhary Munaveer Saleem (SP) supported the amendments saying, "As many as 1,100 chit funds are busted. How will you control them unless you do not take stringent steps? I want this bill to be enacted as it involves anguish of the common man."

Discussion on the bill remained inconclusive.