- SOHINI BISWAS
INTRODUCTION
White collar crimes are not only limited to professions. Individuals, whether belonging to higher class or middle class are also part of such crimes. For example, often people misrepresent the details approximately their earnings with the intention to pay low profits tax that is taken into consideration as a crime. Non-payment of taxes or non-compliance of taxpaying guidelines is referred to as Tax evasion. The tax evaders are either punished with massive fines or imprisonment or both. Moreover, the offenders in certain cases try to hide the source and destination of profits received by them. This offence is referred to as Money Laundering and it is carried out with the purpose of creating that cash have come through valid means. (1)
INDIAN SCENARIO
There are some of white collar crimes which have come into light in the modern days. One of the fundamental havoc that is created in present instances is due to mysterious disappearance of corporations. Of the 5,651corporations indexed on Bombay Stock change, 2750 have vanished. It is a way that one out of two corporations that come to the inventory alternate to elevate crores of rupees from buyers’ loot and run away. Even huge names like ‘Home Trade’ came up with large exposure stunts however after raising money, vanished into the air. About 11 million buyers have invested Rs. 10,000 crore in those 2750 corporations. We have Securities Exchange Board of India, Reserve Bank of India and Department of Companies Affairs to screen the inventory change transactions but none has documented the whereabouts of those 2750 strange corporations suspended from the inventory change.
Many of the promoters and service provider bankers who are answerable for those are roaming scot-free. The marketplace regulators and inventory exchanges are not able to penalize them or recover their funds. The regulators were capable to perceive handiest 229 of 2750 vanishing corporations so far. The market regulators and inventory exchanges are not able to penalize them or get better their funds. (2)
CAUSES OF WHITE-COLLAR CRIMES
The widespread notion is that the white collar crimes are committed due to greed or monetary instability. But those crimes also are committed due to situational stress or the inherent feature of having greater than others. However, there are numerous motives for white collar crimes.
Not in reality a crime: Some offenders persuade themselves that the moves accomplished by them aren't crimes as the act concerned does not resemble road crimes.
Not realizable: Some people justify themselves in committing crimes as they experience that the authorities regulations do not recognize the sensible issues of competing in the free organization system.
Lack of awareness: One of the principle motive of white collar crime is the lack of information of people. The nature of the crime is different from the conventional crimes and those hardly ever apprehend it though they may be the worst sufferers of crime.
Greed: Greed is another motivation of the fee of crime. Some people assume that others also are violating the legal guidelines and so it isn't horrific if they may do the same.
Necessity: Necessity is other aspect of committing crimes. People commit white collar crimes in order to satisfy their ego or help their family.
RECENT CASE STUDY
Businessman Navneet Kalra, accused in a oxygen concentrator black marketing case, devoted a white-collar crime and earned income through promoting scientific devices at exorbitant fees to the ones on dying beds, the Delhi Police instructed a court. During a latest raid, 524 oxygen concentrators, that are important clinical equipment used for COVID-19 patients, had been recovered from Khan Chacha, Town Hall, and Nege & Ju eating places owned through Kalra.
Chief Metropolitan Magistrate Arun Kumar Garg heard the bail software filed through the businessman who became arrested on May 17 for allegedly hoarding oxygen concentrators and promoting them at inflated fees."His aim was to cheat people and make profit. This is a white-collar crime. He offered oxygen concentrators to needy people lying on dying beds," added the public prosecutor Atul Shrivastava, representing the Delhi Police, instructed the court and sought rejection of Kalra's bail plea. The feedback by the Delhi Police came a day after Kalra, through senior advocate Vikas Pahwa, instructed the court that he had no crook motive to cheat people and cannot be saved in pre-trial detention.
The police similarly depended on a document through the Sriram Institute for Industrial Research at the oxygen concentrators' efficacy and submissions of medical doctors from the All India Institute of Medical Sciences (AIIMS).The police have claimed that the concentrators had been imported from China and had been being offered at an exorbitant fee of Rs 50,000 to 70,000 a chunk against its price of Rs 16,000 to Rs 22,000. On May 5, a case was registered against Kalra under sections 420 (cheating), 188 (disobedience to reserve promulgated through public servant), 120-B (crook conspiracy) and 34 (common aim) of the Indian Penal Code, the Essential Commodities Act and the Epidemic Diseases Act. (3)
CONCLUSION
White collar crimes are the crimes which purpose damage to the financial system of the country as a whole. It threatens the country’s financial system by bank frauds, monetary thefts, evasion of tax etc. It not best influences the monetary fame of a country or someone but it has also a bad effect at the society. The numerous crimes including bribery, corruption, money launder in has affected society in a terrible way.
There is no right definition of White collar crime in Indian laws. These socio-monetary crimes need not be taken leniently by the government. Punishment concerning White collar crime should be stricter as harsh punishment can decrease the rate of these crimes to a notable extent. If the crime is very heinous the punishment may also be prolonged to life imprisonment. People are not aware of most of those crimes so the general public consciousness through any Communication medium is also necessary. Government need to impose strict policies concerning monetary thefts of the country.
REFERENCES
1.Dr. Geetika Sood, White Collar Crimes in India, https://www.researchgate.net/publication/334123696_White_Collar_Crimes_in_India ( 13th Sept, 2021 at 6:45pm)
2.DR. MINAL H. UPADHYAY, White-Collar Crime in India, http://www.raijmr.com/ijrhs/wpcontent/uploads/2017/11/IJRHS_2014_vol02_issue_02_02.pdf ( 13th Sept, 2021 at 8pm)
3. The Hindustan Times, https://www.hindustantimes.com/cities/delhi-news/navneet-kalra-committed-white-collar-crime-delhi-police-to-court-in-o2-concentrator-black-marketing-case-101622272964827.html ( 14th Sept, 2021 at 10 am)