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CBI moots new law to curb economic offences

With economic offences showing an upswing, P C Sharma, director of Central Bureau of Investigation on Tuesday sought a new law to tackle the white-collar offences to enable speedy trial of cases in the courts.

With the present Criminal Procedure Code, there is very little success in the courts as there is no definition of economic offences, Sharma told reporters at the end of a two-day long conference of CBI and Anti-Corruption Bureaux of the state.

"Since the economic offences are different from the conventional crimes, its procedure should also be different," he said.

Only four or five cases of the securities scam of 1992 have ended up in conviction so far and there has been considerable delay in the court for the lack of definition of several things in the Criminal Procedure Code, he said.

There was a need for a "new act to tackle economic crimes," he said.

Sharma said CBI had presented its case for a separate law before the Justice Malimath Committee, which is looking into possible amendments in the criminal law.

When asked whether the Money Laundering Bill pending in Parliament could be of any help to tackle economic offences, he said the Bill was not enough.

"This Bill will deal only with the money that is being laundered out of the country but not with the offences committed within the country," he added.

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