WHITE COLLAR CRIMES

 

WHITE COLLAR CRIMES 

White collar crime essentially means the offence committed during their profession by trained persons belonging to a higher class of society. 

Edwin Hardin Sutherland was first person who defined the term white collar crime 'as crimes committed by individuals who hold high societal status and prestige in their profession. We also saw an increase in private professional services providing assistance to businesses and their management in dealing with white collar crime as the sophistication of such crimes has increased over the years and investigations have become refined. 

Unfortunately, there has been a steady increase in the incidence of serious fraud and white collar crimes globally in the last few years, posing a danger to the country's economic structure. 

It's a time when words like robbers and merchants go hand in hand. Criminals with a white collar don't get their hands dirty at work. Instead of using a little muscle, they use their heads to get what they want. These criminals are just as dangerous as killers and rapists are. In these days, white collar crimes are suspected often among the most seemingly respectable individuals. 

Corruption, fraud, and bribery money laundering, identity theft, and forgery, etc. are some of the most common white collar crimes in India as well as all over the world. Over the past few years, there have been different numbers of frauds and scams uncovered in our country, such as 2 g scam, Havala scam, banking scam, etc. The economy of our nation has shambled as a result of these frauds and scams. And then they increase the prices in order to make up for these fraud losses or other scams. This implies higher consumer prices in the form of higher taxes, government revenues, and higher insurance rates. The effect on society of white collar crime is great. In each sector, there are losses from the cost of goods to securities and insurance. 

TYPES OF WHITE COLLAR CRIMES :

1. Bank fraud: Bank fraud is a way of engaging in such activities in order to defraud a bank or to acquire assets owned by financial institutions through fraudulent means. 

2. Blackmail: Blackmail means demanding money by threatening others with physical harm or disclosing their secrets. 

3. Tax evasion: Tax evasion-is a crime in which one person alters their state of affairs on purpose so that they can demonstrate to the authorities that they can pay very little tax. It can be done by a company, person or trust. The 22nd portion of the Income Tax Act, 1961, is punishable by it. 

4. Bribery: When money, items, services, data or something else of value is delivered with the purpose of influencing the actions, views, or choices of the taker. If you include the bribe or accept it, you will be charged with bribery. 

5. Computer fraud: where computer hackers steal computer data sources, such as bank records, credit cards, and proprietary information. 

6. Fraud Credit Card: fraudulent use of a credit card in order to purchase valuable products. 

7. Currency fraud: the process of speculating about currencies' future value.

8. Frauds with insurance providers: False records are also used by individuals to receive insurance from insurance companies. It is also common for insurance firms or their agents to commit fraud, which can defraud the other individual for unlawful financial benefits. Under the Indian Penal Code of 1860, Sections 205, 420 and 464 are the applicable provisions that deal with certain forms of fraud. 

9. Telemarketing frauds: These are frauds made over phone calls and messages. 

10. Money laundering: Money laundering is the practise of obtaining money from illegal activities, such as drug trafficking and making the money appears to be proceeds from legitimate business activities. The money from the illegal transaction is considered "dirty" and the system "launders" the money to make it look "clean." 

REASONS FOR THE GROWTH OF WHITE COLLAR CRIMES IN INDIA 

1. Lack of strict laws:  In India it is not a very big rule, people believe they can get away with fraud, and this has seen a rise in white-collar crimes in India. 

2. Lack of awareness:  The nature of white collar crimes is different from the conventional nature of crimes. Most people are not aware of it and fail to understand that they are the worst victims of crime. 

3. Lack of Consciousness:  The nature of white collar offences differs from the traditional nature of offences. Many individuals are not conscious of it and do not know that they are the worst victims of violence.