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White-collar crimes in India

White-collar crimes in India

This Article is written by Harsh Khatri, 3rd year Law intern from the University of Petroleum and energy studies dehradun. This article speaks about various manner of committing a white color crime.

Abstract 

White-collar crimes in India refer to non-violent offences typically committed by individuals or organisations in business or professional settings. These crimes often involve deceit, fraud, or corruption and are characterised by their financial nature. Here are some common types of white-collar crimes in India:

➔    Corporate fraud comprises deceptive practices used within a corporation, such as falsifying financial statements, insider trading, embezzlement, and more.
➔    Fraudulent actions taken to obtain money, assets, or property held or owned by a bank are referred to as bank fraud. This can include fraud operations involving loans, checks, or identities.
➔    Corruption: A major problem in India, corruption involves public officials abusing their authority or positions for private gain. It can take many different forms, including extortion, nepotism, and bribery.
➔    Cybercrime: As digital technology has developed quickly, cybercrimes have proliferated. These offences include data breaches, phishing, identity theft, and hacking.
➔    The unlawful use, reproduction, or distribution of another person's intellectual property, such as patents, copyrights, or trademarks, is known as intellectual property (IP) theft.
➔    Money laundering is the process of hiding the sources of illicit funds so they appear lawful. In order to hide the true source of the money, it frequently requires a number of transactions and layers.
➔    Insider trading: When someone purchases or sells stocks using insider information, they are gaining an unfair competitive advantage. The Securities and Exchange Board of India (SEBI) Act makes insider trading against the law and makes it a penal offence.

Laws and provisions of the Indian legal system address white-collar crimes. These crimes are investigated and prosecuted by a number of organisations, including the Central Bureau of Investigation (CBI), the Enforcement Directorate (ED), and the Serious Fraud Investigation Office (SFIO). 

Top Most white collar crimes are as follows:

1. The Securities Fraud by Harshad Mehta (1988–1995)  

From 1988 through 1995, Indian stockbroker Harshad Mehta masterminded a significant securities fraud. Mehta manipulated stock prices to generate illegal profits by taking advantage of banking system flaws. He artificially raised the value of some stocks by buying shares with borrowed money and selling them at higher prices at the same time, a practice known as circular trading. This inflated stock values by creating fictitious demand. Because of Mehta's actions, the stock market saw a bull run and reached record highs. However, journalist Sucheta Dalal disclosed the fraud, which caused the market to collapse. When Mehta was detained in 1992, he was accused of forgery, deception, and breach of trust.  

2. 2G Scam

One of India's biggest corruption scandals, the 2G scam, relates to irregularities in the distribution of licences for 2G spectrum used for mobile phone services. It happened between 2007 and 2008, while A. Raja was the minister of communications at the time. The scheme entailed undercharging for licences and showing favour while granting them, which resulted in a large loss to the government's coffers. The loss was estimated by the Comptroller and Auditor General (CAG) to be about Rs. 1.76 trillion, or almost $39 billion. The scandal sparked public outcry, inquiries, and ensuing legal actions. Several people were accused of participating in the plot and corruption, including government officials and corporate executives.


White Collar Crimes in India: Constitutional Provisions of Writs:

Writs are provided under Articles 32 and 226 of the Indian Constitution, and a procedure for bringing Public Interest Litigation (PIL) is also provided to safeguard rights against demonstrations that violate any type of right. Each of these writs has its own unique impact and authority across a range of areas, but in reality, these are just "Powers in Hands of Judiciary to Control the Administrative Attentiveness." There are basically five writs known as privilege writs, and they are as follows:

➢    Habeas Corpus
➢    Mandamus
➢    Prohibition
➢    Certiorari
➢    Quo-warranto

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