The government has made providing passport details mandatory for taking loans of 50 crore rupees and above to ensure a swift action in case of fraud and prevent fraudsters from fleeing the country.<br />''<br />''Financial Services Secretary, Rajiv Kumar in a tweet today said for all existing loans of over 50 crore rupees, banks have been asked to collect passport details of borrowers within 45 days. <br />''<br />''He said Passport details will help banks to take timely action and inform the relevant authorities to prevent fraudsters from fleeing the country. <br />'' <br />''Last week, the Cabinet has approved the Fugitive Economic Offenders Bill to impound and sell assets of escapees with a view to quickly recover dues. <br />''<br />''The proposed law will also apply to defaulters who have an outstanding of Rs 100 crore or more and have escaped from the country. <br />''<br />''Several big defaulters like Nirav Modi, Mehul Choksi, Vijay Mallya and Jatin Mehta have fled the country putting the recovery mechanism in quandary.