New Delhi, Sept. 25 -- The Enforcement Directorate (ED) has sought to declare Shravan Gupta, promoter of realty firm MGF, a fugitive economic offender (FEO), people familiar with the development said on Thursday, adding that the designation will allow the agency to confiscate his properties anywhere in the world.

"We have started the process under the Fugitive Economic Offenders (FEO) Act, 2018 before a special court to declare the businessman Shravan Gupta a fugitive and confiscate his properties," said an officer, requesting anonymity.

Introduced by the government in 2018 to deter economic offenders from evading Indian law by remaining outside the jurisdiction of Indian courts, the fugitive tag empowers authorities to confiscate the p...