ABSTRACT
White Collar Crimes, a term coined by sociologist Edwin Sutherland, refer to financially motivated, non violent offences committed by individuals in positions of power and trust. In India, these crimes have become a growing concern due to their far-reaching impacts on the economy, corporate sector, and public trust. This research explores the nature, causes, and legal framework surrounding white-collar crimes in India, focusing on key legislative acts such as the Prevention of Corruption Act,1988, the Companies Act, 2013, and the Indian Penal Code. Through a detailed examination of high-profile cases, the paper delves into the various dimensions of corporate fraud, insider trading, tax evasion, money laundering, and embezzlement. It also highlights the socio-economic consequences of these crimes, including the erosion of public confidence in institutions, financial losses, and regulatory inefficiencies. The study emphasizes the need for robust legal reforms and stricter enforcement mechanisms to combat these offences, thus ensuring transparency, accountability, and ethical conduct in the business and public sectors.
Keywords: White Collar Crimes, financial offences, corporate fraud, insider trading, tax evasion, money laundering, Prevention of Corruption Act, Companies Act, embezzlement, legal reforms, transparency, accountability, India.
INTRODUCTION
White-collar crime refers to financially motivated, non-violent crimes typically committed by individuals, businesses, or government officials in the course of their professional lives. Coined by sociologist Edwin Sutherland in 1939, the term is synonymous with fraud, embezzlement, bribery, insider trading, tax evasion, and cybercrimes. While these offences are non-violent, they cause significant harm to society by eroding public trust, destabilizing economies, and often leading to financial ruin for victims. Given the socio-economic complexities and the high positions of authority often involved in white-collar crimes, these crimes present a unique challenge in both detection and prosecution.
In recent years, India has seen a rise in white-collar crimes, fuelled by globalization, technological advancements, and evolving corporate practices. As businesses become increasingly interconnected, the opportunity for complex financial crimes has grown, making the legal framework to combat such offences more critical than ever. This paper delves into the legal framework addressing white-collar crimes in India, with an emphasis on the latest laws while exploring the nature, causes, and implications of these offences.