Fraud, corruption and bribery are some of the most serious white-collar crimes in India as well as the world. It was recorded by the Central Bureau of Investigation (CBI) that a total of 6,533 cases of corruption were found and out of which, 517 cases were registered in the past two years. In India, Maharashtra showed a sudden increase in the number of online cases with 999 cases being reported. It was also mentioned by the CBI that around 3.2 million people underwent a loss because of the theft of their card details from the YES Bank ATMs which were dispensed by Hitachi Payment Services.
In 2014, India was ranked 85th which thereafter improved to 76th position in 2015 because several measures were introduced to tackle white-collar crimes. India is a developing country and white-collar crimes are becoming the main cause for its underdevelopment along with poverty, health, etc. The trend of white-collar crimes in India poses a threat to the economic development of the country. These crimes require immediate intervention by the government by not only making strict laws but also ensuring their proper execution and governing its punishments as well.
Talking about the reasons for the growth of such crimes there are various reasons such as Greed, competition and lack of proper laws to prevent such crimes.
Also, these crimes leave serious effects on the company, employees, customers as well as society.
When it comes to the company, White collar crimes causes huge loss to it. To recover the loss, these companies eventually raise the cost of their product which decreases the number of customers for that product.
White-collar crimes also endanger employees. They become conscious of their working conditions, whether it is safe anymore or not.
Talking about the major report by the law commission, it stated In its 47th report that since a corporation does not have a physical body, no pain can be inflicted upon them as a punishment. A corporation does not have a mind that can be accused of guilty intent and therefore new penalties should be created to punish them for their illegal and wrongful acts. The commission said that not only the directors or managers should be punished but the corporation as well. The people should be able to link the offence with the name of the corporation also.
white-collar crimes have two surprising features, first, that they are non-violent crimes, though the criminals tend to gain control or have a sense of entitlement, and, second, that they are committed by people in the higher profession.
To prevent such crimes the government must make laws that are strict enough to reduce the commission of such crimes. And the system should be such that not only there exist laws giving strict punishment to the accused but also dispose of maximum cases in a short while. If not done so then people will soon lose complete faith in the system, as these crimes are committed by people who should act as a role model for society.
The media has a key role to play in reducing the rate of increasing white-collar crimes. It has been noted that most white-collar crimes go unreported. So, if the media becomes more active towards publishing frauds and scams at higher levels and revealing how do the people at the higher position in a company use their powers arbitrarily, and also make efforts in making people aware about the white-collar crimes, and avoid corruption practices, then this would help in reducing the rate at which the white-collar crimes are being committed.
BY- ARVIND PANDA