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White-Collar Crimes Meaning of White-Collar Crimes

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White-Collar Crimes Meaning of White-Collar Crimes

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Arun Mozhi
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WHITE-COLLAR CRIMES

Meaning of white-collar crimes


Defined as a crime committed by a person of respectability and high social status in the course of his
occupation. It is an illegal act committed by non-physical means and by concealment, to obtain money or
property, or to obtain business or personal advantage.
White collar crimes are estimated to cost society many times more than crimes such as robbery and
burglary.
Types of white-collar crimes
 Occupational Crime The use of one’s occupation to illegally obtain personal gain
 Corporate Crime
Any activity that is undertaken by a corporation for its benefit, but violates the law
Components of white-collar crimes
 Stings and Swindles
 Chiseling
 Individual Exploitation of Institutional Position
 Influence Peddling and Bribery
 Embezzlement & Employee Fraud
 Client Fraud
 Corporate Crime
Causes of white-collar crimes
 Greed or Need
 Easy, swift and prolong effect
 Competition
 Lack of stringent laws
 Lack of awareness
 Corporate Culture Theory
Impact of White-collar Crimes
White collar crime can have a large impact on the society and it does not only affect the criminals. It is
also called as a socio-economic crime because it has a direct impact on the society. White collar crime is that the
economic loss of white collar crime is thousands time higher than that of the ordinary crimes.
 Direct impact on the consumers and the society
 Frauds and scams the economy of our country has shambled
 Higher prices for the consumers in the way of higher taxes, government revenue, and
increased insurance cost.
 Loss in every field from the costs of commodities to the securities and insurance.
 Lack of infrastructure
 Backwardness
 Poverty
 Loss to tax payers
Controlling measures
 Compliance strategies: Involve cooperation and self-policing among businesses (SEC and
FDA)
 Deterrence strategies: Involve detection and punishing the offenders.

Not “real criminals” don’t deserve prison


 If everyone at a particular business or company would keep an eye out for anything suspicious
that alone would detour potential thieves.
 The real solution to this problem is going to have to come from the people who are being
affected by it. They are the most likely to stop it. They cannot let anyone take advantage of
them anymore
 Need for strengthening of morals particularly in the higher strata and among the public
services
 Need for absolute honesty and integrity for the sake of national welfare
 Character building at grass-root level
 Inculcating feeling of real concern for the motherland

Legislations against the White Collar Crime in India:


Government has made various legislation for identifying white collar crime. These legislation contains
punishment regarding these crimes.
# Companies Act, 1960.
# Income Tax Act, 1961.
# Indian Penal Code, 1860.
# Commodities Act, 1955.
# Prevention of corruption Act, 1988.
# Negotiable Instrument Act,
# Prevention of money laundering Act, 2002.
# IT Act, 2005.
# Imports and Exports (Control) Act, 1950.

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