White Collar Crime
White Collar Crimes are the crimes committed by a person of high social status and respectability during the course of his occupation. It is a crime that is committed by salaried professional workers or persons in business and that usually involves a form of financial theft or fraud. The term “White Collar Crime” was defined by sociologist Edwin Sutherland in 1939. These crimes are non-violent crimes committed by business people through deceptive activities who are able to access large amounts of money for the purpose of financial gain.
White Collar Crimes are committed by people who are involved in otherwise, lawful businesses and covers a wide range of activities. The perpetrators hold respectable positions in the communities unless their crime is discovered. The laws relating to white-collar crimes depends upon the exact nature of the crime committed
There are different types of white collar crimes. Some of them are as follows:
Bank Fraud: Bank Fraud means to engage in such activities in order to defraud a bank or using illegal means to obtain assets held by financial institutions.
Blackmail: Blackmail means demand for money by threatening some person to cause physical injury or exposing his secrets.
Bribery: Bribery means offering money, goods or any gift to someone in order to have control over his actions. It is a crime whether someone offers or accepts a bribe.
Computer Fraud: Computer frauds are such frauds which involve hacking or stealing information of some other person.
Embezzlement: When someone entrusted with money or property uses it for his own use, it is embezzlement.
Extortion: When a person illegally obtains someone’s property by actual or threatened force.
Insider-Trading: When someone uses the confidential information to trade in shares of publicly held corporations.
Money-Laundering: Money Laundering means the concealment of origin of illegally obtained money.
Tax fraud: Tax fraud means evading tax by providing wrong information in tax forms or illegally transferring property in order to avoid tax.
The government of India has introduced various regulatory legislations, the breach of which will amount to white-collar criminality. Some 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.