WHITE COLLAR CRIMES IN INDIA, Submitted by Snehita Paidi .pptx

White-collar crimes in India refer to non-violent offenses committed by individuals in professional or authoritative positions for personal or financial gain, often through deception and breach of trust. These crimes, defined by Edwin Sutherland, include corporate fraud, bribery, insider trading, embezzlement, tax evasion, money laundering, identity theft, and cybercrimes. Unlike traditional crimes, they exploit positions of power and trust without involving physical violence. Common examples in India include corporate scandals like the Satyam scam, bribery cases such as the 2G spectrum scam, and widespread cybercrimes like phishing and identity theft. The rise in white-collar crimes can be attributed to factors like economic liberalization, technological advancements, weak enforcement of laws, and a complex legal framework. They have severe consequences, including eroding public trust, destabilizing economies, and widening social inequities. India addresses these crimes through various laws, including the Indian Penal Code (IPC), the Prevention of Corruption Act, the Companies Act, and the Information Technology Act, yet enforcement challenges persist. These crimes demand stringent legal action, ethical governance, and public awareness to curb their impact. Collaborative efforts among law enforcement, judiciary, businesses, and society at large are crucial to foster accountability and deter such offenses, ensuring public trust and economic stability. They significantly differ from conventional crimes as they are driven by intellect and manipulation rather than force or physical violence. Factors such as rapid economic liberalization, technological advancements, weak regulatory enforcement, and socio-economic disparities have contributed to their rise. High-profile cases like the Satyam scam, 2G spectrum scam, and banking frauds highlight the severe impact of such crimes on public trust and economic stability. They lead to financial losses, undermine market integrity, and widen societal inequities. Despite the existence of laws such as the Indian Penal Code, Prevention of Corruption Act, Companies Act, and Information Technology Act, enforcement remains a challenge due to limited resources and procedural delays. Addressing white-collar crimes requires a multi-faceted approach, including stricter regulations, enhanced transparency, ethical corporate governance, and increased public awareness. Strengthened coordination between law enforcement, regulatory bodies, and the judiciary is essential to mitigate these crimes and safeguard the nation's economic and social fabric.

1. WHITE COLLAR CRIMES IN INDIA Submitted By: SNEHITA PAIDI GITAM School of Law

2. INTRODUCTION White-collar crimes are financially motivated, non-violent crimes typically committed by individuals, businesses, or government officials in positions of trust and authority . Non-violent crimes committed for financial gain, typically by individuals in business or professional settings.

3. Characteristics Involved DECEPTIVE PRACTICES BREACH OF TRUST OFTEN INVOLVES LARGE SUM OF MONEY

4. TYPES OF WHITE COLLAR CRIMES Fraud : Misrepresentation to gain an unfair advantage (e.g., investment fraud, insurance fraud). Embezzlement : Misappropriation of funds placed in one's trust. Money Laundering : Concealing the origins of illegally obtained money.

5. Corporate Espionage : Theft of trade secrets or confidential information . Tax Evasion : Illegally avoiding paying taxes owed .

6. OTHER WHITE COLLAR CRIMES INSIDER TRADING MONEY LAUNDERING COPYRIGHT INFRINGEMENT PONZI SCHEMES

7. Notable White Collar Crimes in India Satyam Scandal (2009): Large-scale corporate fraud involving falsification of company accounts . Nirav Modi Case (2018): Bank fraud involving the PNB and fraudulent letters of undertaking . Vijay Mallya Case (2016): Allegations of financial mismanagement and loan default.

8. Legal Framework for White Collar Crimes in India Black Money and Imposition of Tax Act (2015): Focus on illegal foreign assets and tax evasion. Companies Act (2013): Provisions for corporate governance and fraud prevention. Prevention of Corruption Act (1988): Framework for dealing with corruption among public officials. Indian Penal Code: Relevant sections addressing various forms of fraud and financial crimes.

9. Intersection of CRPC and BNSS in White-Collar Crimes While the CRPC deals with the legal framework for prosecuting white-collar crimes, BNSS provides supportive services that can help prevent these crimes and manage the risks associated with them. Effective prevention and response to white-collar crimes often involve a combination of legal procedures (as outlined by CRPC) and proactive business practices (supported by BNSS ). CRPC is crucial for the legal handling and prosecution of white-collar crimes, while BNSS contributes to the prevention, detection, and management of such crimes within the business environment.

10. CONCLUSION White-collar crimes pose a significant threat to India's economy and society. Increased awareness, effective legislation, and enforcement are crucial to combat these crimes. Reducing white-collar crimes requires a multifaceted approach that combines legal, organizational, and cultural strategies