White-collar crime may be a nonviolent crime committed for gain. Securities fraud, defalcation, company fraud, and concealing are the samples of white-collar crime. Not each crime involves evidence. some crimes are committed right beneath the victim’s nose. These kinds of cries will value voters several dollars!

Types of White-collar crime

  • Bank Fraud:
    Bank Fraud means that to interact in such activities to chisel a bank or exploitation illegal means that to get assets control by monetary establishments.
  • Graft:
    Bribery means that giving cash, product, or any gift to somebody to own management over his actions. it’s against the law whether or not somebody offers or accepts a bribe.
  • PC Fraud:
    Computer frauds are such frauds that involve hacking or stealing the data of another person.
  • Extortion:
    once someone illicitly obtains someone’s property by actual or vulnerable force.
  • Embezzlement:
    once somebody entrusted with cash or property uses it for his own use, it’s defalcation.
  • Tax fraud:
    Tax fraud means that evading tax by providing wrong data in tax forms or illicitly transferring property to avoid tax.
  • Money-Laundering:
    concealing means that the concealment of origin of illicitly obtained cash

White-Collar Crime in India

White-collar crime is quickly increasing in India with the advancement of commerce and technology. The recent and speedy developments within the technology have given new dimensions to pc connected crimes referred to as cyber-crimes. because of it, white-collar crime is increasing with the event of the latest websites. The areas suffering from these crimes are banking and monetary establishments, industry, business, etc.

Crime is an associate act or omission that constitutes an associate offence and is punishable beneath the law. The rise in White collar crime day after day, injures the society on an outsized scale as a result of the laws don’t seem to be properly administered and thus there’s a desire to curb the factors that are serving within the commission of such crimes.

Laws associated with White-Collar Crime

The government of India has introduced numerous regulative legislation, the breach of which can quantity to clerical criminalism. a number of these legislations are:

  • Essential Commodities Act 1955
  • The Industrial (Development and Regulation) Act, 1951
  • The Import and Exports (Control) Act, 1947
  • The Foreign Exchange (Regulation) Act, 1974
  • Companies Act, 1956
  • Prevention of Money Laundering Act, 2002

The Indian Penal code contains provisions to envision crimes like Bank Fraud, Insurance fraud, Mastercard fraud, etc. just in case of money Laundering many steps are taken by the govt India to tackle this drawback. The banking concern of India has issued directions to be strictly followed by the banks beneath KYC (Know Your Customer) tips. The banks and monetary establishments are needed to take care of transactions for an amount of ten years.

How to tackle the problem?

There are some measures to touch upon white-collar crimes. A number of them are, making public awareness of crimes through media or press and different audio-visual aids and legal acquisition programs. Special tribunals ought to be grooved with the power to sentence the offenders for a minimum of five years and conviction ought to end in serious fines instead of arrest and detention of criminals. Unless the folks can powerfully hate such crimes, it’s unattainable to manage this growing menace.

It is clear that because of the reason of advancement of science and technology newer sort of criminalism referred to as white-collar crime has arisen. The term white-collar crime has not been outlined within the code. however, the size of white-collar crime is therefore wide that once analyzing the provisions of the Indian Penal code 1860, we tend to could conclude that bound offense beneath the Indian Penal code is closely joined with a white-collar crime like graft, corruption, and adulteration of food, forgery, etc.

The provisions of the Indian Penal code for managing white-collar crimes ought to be amended to boost social control significantly fine in tune with modified socio-economic conditions. The special Acts managing white-collar crime and also the provisions of the Indian penal code ought to be harmoniously taken to manage the matter of white-collar crimes.

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