Crime is considered as a disaster for the society. White-collar criminals usually occupy a professional position of power and/or prestige, and one that commands well above average compensation. White collar crimes can be divided into two categories – individual crime and corporate crime. This classification is done on the basis of the nature of offender. Crimes done for personal gains or enrichment are called individual white-collar crime, and those done as a part of a collective and organized effort to serve the economic interests of a body corporate or a firm and are called as corporate crime.
TYPES OF WHITE COLLAR CRIMES
- Embezzlement- Embezzlement is a form of theft, sometimes known as larceny, that can range from a single employee taking a few dollars from a cash drawer to a complex operation involving millions of dollars being transferred from a company’s accounts to the embezzler’s accounts.
- Insider trading- Insider trading is when a trader benefits from material, non-public information that gives him or her a competitive advantage in the financial markets.
- Blackmail- A demand for money or other consideration under threat to do bodily harm, to injure property, to accuse of a crime, or to expose secrets.
- Counterfeiting- When someone replicates or imitates an item without permission and passes it off as the real or original item.
- Money laundering- Money laundering is a service that criminals who deal with huge sums of money require. It entails moving the money through multiple accounts and eventually into legitimate businesses, where it is mixed up with these business’s legitimate income and no longer identifiable as having originated from a crime.
- Forgery- When a person passes a false or worthless instrument such as a check or counterfeit security with the intent to defraud or injure the recipient.
- Wire fraud- A crime in which a person plots a scheme to defraud or obtain money based on false representation or promises. This criminal act is achieved using analog or digital electronic communications techniques. Also, known as cybercrime by some people.
Reasons For Growth Of White Collar Crimes In India are- greed, Financial or physical duress, Easy, swift and prolong effect, Lack of stringent laws, Lack of awareness etc.
There are several provision that exists for identifying white collar crime. Government in order to ensure that the criminal committing white collar crime be punished has brought in the following legislations-
- The Companies Act, 1960
- The Income Tax Act, 1961
- Indian Penal Code, 1860
- The Commodities Act, 1955
- The Negotiable Instrument Act, 1881
- The Prevention of Money laundering Act, 2002
- The Information Technology Act, 2005
- The Imports and Exports (control) Act, 1950
- The Central Vigilance Commission Act, 2003
The term white-collar crime has not been expressly defined under any code but includes various serious offenses. White collar crimes have two startling characteristics: first, they are nonviolent crimes, despite the criminals’ drive to obtain power or a sense of entitlement, and second, they are perpetrated by persons in positions of higher authority. It is very important to take certain measures as the rate of commission of white collar crimes are increasing beyond realization.
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