Essential Intelligence: Fraud, Asset Tracing, and Recovery- India, 124 (2021)

The Indian Legal system has a rich and varied jurisprudence based on common law principles dealing with aspects of fraud and asset tracing. The judiciary in India exercises wide powers not only in consonance with achieving the objectives of various statues dealing with the subject matter of fraud, but also grants reliefs and orders as may be necessary for the ends of justice. The wide powers of the court to grant injunctive reliefs, appoint receivers of property, etc. Further, the mischief of fraud and its ramifications on a transaction is also sought to be addressed through specific statues such as the Indian Contract Act 1872, Companies Act 2013, Insolvency and Bankruptcy Code,2016, etc.

While the aforesaid statutes and inherent powers of the court have permitted implementation of internationally accepted practices in the asset tracing and recovery space, such as Anton Pillar Orders, injunction on disposal of assets, etc., there are significant limits and variations in procedure which are discussed in the article.

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