Consider the following statements regarding 'Fugitive Economic | Test Portal UPSC Only

Consider the following statements regarding "Fugitive Economic Offenders Act, 2018".

(1) A Fugitive Economic Offender is a person who is involved in economic offences involving at least Rs.50,000 crore or more and has fled from India to escape legal action.

(2) It seeks to confiscate properties of economic offenders who have left the country to avoid facing criminal
prosecution.