How do White Collar crimes affect the economy?

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How do White Collar crimes affect the economy?

• What is in this Blog
• Introduction
• White Collar Crime
• Classification of White-Collar Crime
• Bank Fraud
• Blackmail
• Bribery
• Computer Fraud
• Tax Fraud
• Nature of White Collar Crime
• Effect of White-Collar Crime on Indian Economy
• Laws Related to White-Collar Crime
• Conclusion
• Introduction
• In order to understand how White Collar crime
  affects the economy of India, one must be aware
  of what is White Collar crime. The main objective
  of this blog is to provide all information
  regarding White Collar crime to all readers and
  law aspirants and help them to understand career
  requirements and choices in this particular
  field. They must know that the career aspect and
  opportunities in this sector are increasing
  drastically, and legal learning institutions are
  also offering online legal certification courses
  on White Collar crime.

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White Collar Crime The word White Collar crime
was defined by the famous sociologist Edwin
Sutherland in 1939, he said White-Collar crime
is, a crime committed by a person of
responsibility and high social status in the
course of his occupation. This definition has 5
attributes i.e, It is a crime, Committed by
a person of respectability, Of High social
status, In the course of his profession or
occupation, and It is usually a violation of
trust. Recently, white-collar crime has been
defined as the use of the significant position
of power for illegal gain that results in damage
or harm to victims as measured by financial
loss, physical harm, and damage to the community
morals. In simple words, White Collar crimes,
are the ones which are related to the corporate
sectors of a country and are generally committed
by the rich or business class of society.
White-collar crime is an illegal act done to
achieve an illegal motive by doing wrongdoing.
This is one of the most dangerous kinds of
crimes as it involves a huge amount of financial
loss to the victims. Classification of White
Collar Crime There are different types of crimes
that come under White Collar crime, some of them
are mentioned below Bank Fraud This means
engaging in such activities in order to defraud a
bank or using illegal means to obtain assets
held by financial institutions. There are also
various types of bank fraud such as Check
frauds, deposit account frauds, purchase bill
frauds, loans frauds, frauds in foreign currency
transactions, and inter-branch frauds. Blackmail
As defined by the Indian Penal Codes Section
503, Blackmailing or criminal intimidation as,
making a demand for money or any consideration
by the imposition of threat to cause physical
injury or to cause damage to ones property, or
to accuse one of a crime, or to expose ones
secret. So when a person of high society or
influential position resorts to
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blackmailing for the purpose of financial gain, th
en this type of blackmailing falls under
white-collar crime.
Bribery One of the most harmful and popular
forms of white-collar crime, which is almost
happening in all sectors nowadays is Bribery.
Bribery is the practice of offering money, goods
or services or any gifts to someone in order to
have control over their actions. Whether someone
offers or accepts the bribe, both things fall
under crime. In India, a wide number of public
officials commit this crime on daily basis, and
it is their primary source of income.
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Computer Fraud Any type of crime which is taken
place on the internet, by the internet or in
cyberspace, is known as cybercrime, but when this
crime is non-violent and is majorly focused on
Financial gain then this is known as White-collar
cybercrime. There are several incidences in
India which are included in this category, and
IPC as well as several other acts and regulations
have been strictly actions related to this type
of white-collar crime. Tax Frauds Tax Fraud is
also known as Tax evasion means evading tax by
providing wrong information in tax forms or
illegally transferring property in order to
avoid tax. In other words, one purposely conceals
their true earnings and financial status from
the government in order to avoid heavy tax. This
can be done by an individual, company, or
organisation of high authority. Nature of White
Collar Crime It is necessary for every law
aspirant to know about the nature of the white-
collar crime as it is an important as well as
complicated subject, numerous online law
certification courses based on White-Collar crime
include this topic. As white-collar crime falls
in the category of crime, then it is dealt with
as a criminal case. But many believe that it
should be counted as a civil case, due to which
there is a lot of confusion. Thats why there
are both criminal as well as civil liabilities
for the same offence, and there are provisions
in both Civil Procedure Code and Criminal
Procedure Code. Effect of White Collar Crime on
Indian Economy With the advancement of
technology and commerce, the rate of white-
collar crime is also increasing in our country.
According to experts, the economic impact of
white-collar crime is far more costly than
ordinary crime. Bank frauds, Tax evasions, and
other types of white-collar crime especially
bribery have been considered a hindrance to the
economic growth of the nation. It not only
affects the financial status of the country but
also has a very negative impact on society. The
impact of white-collar crime alters the
stimulating factors of the Indian economy, such
as Impact on the Company, Impact on Employees,
Impact on offenders, Impact on victims, and
Impact on society. Also, the corruption in
government offices
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• and political parties is causing many threats to
  the Indian Economy and developments.
• Laws related to White Collar Crime
• Here are some of the legislations that are being
  implemented by the government of India too in
  order to stop the increasing rate of White Collar
  crime
• Indian Penal Code
• Income Tax Act, 1961
• Negotiable instruments act
• Money laundering Prevention Act
• 1988, Prevention of corruption act
• Information technology Act, 2005
• The Companies Act
• The Commodities Act
• Conclusion
• India is a growing and developing country, and
  with increasing time Indian legal system is also
  enacting strict and effective measures to put an
  end to things which are threatening Indias
  development and democracy. Thats why it is the
  responsibility of Law aspirants to understand
  their role and make sure to understand the
  concepts such as white-collar crime and the laws
  and consequences of such crimes beforehand. Many
  legal learning platforms which offer the best
  online law certification courses, include
  courses such as White-Collar crime, to help
  learners. Understanding the impact of
  White-Collar crime on different sectors of India
  and helping the legislation and government to put
  an end to this should be their primary
  objectives.