This blog is written by Somya Singh, a Fourth-year law student of Jaipur National University

Abstract

White Collar Crime is the crimes which now- a -day became dime a dozen in the society which means it is no more a unique or a rare concept. From past 40-50 years the society is witnessing the growth of the White Collar Crime, which diffused in a society by such a way that it became impossible to detect and eliminate it from the society. In spite of such common nature, still there are many people who are not well acquitted with the White Collar Crime and became easy target of this and lost their hard earned money. Interestingly, these crimes are often committed by the higher and educated class just because of their lust for money. Contrary to blue-collar crimes, which are associated with violence and physical harm, white-collar crime usually involves dishonesty, manipulation, and the breach of trust and this is also one of the reason of its ignorance. The blog is going to cover all the aspect of the White collar crime ranging from its origin to measures.

Introduction

White collar crime, such a sweet and pleasant name which is associated with the word “Crime”, which is mostly, goes unnoticed by the people because it lacks the element of force and violence like “Blue collar crime” have but in reality it is the most dangerous crime as it is directly harming our economic system thereby causing hindrances in the development and growth of the society as well as the country.

The most interesting fact about it that it is typically committed by the people who were at the important positions in their particular enterprises, company and occupation or the one who is enjoying the higher standards and social status in the society. The only reason behind this is the wants and greed of these people who want more and more in their pockets.

Such types of crimes are considered as Economic or financial Crimes as it is likely to affect economy of the country and it is related to the monetary (Money related) fraud. This involves the fraud, misrepresentation, dishonesty, breach of trust, embezzlement etc. which the perpetrator is carrying out through the means of money laundering, tax evasion, extortion, blackmailing, forgery, bribery, corruption and many more.

Origin

We can see that it was deeply rooted in our society. Its existence can be traced back from the time when the high officials who were wearing the white collared shirts and were abusing or misusing their power and position in the course of their employment. But that time it was not defined properly. It was Edwin Sutherland, an American Criminologist who first coined the term White Collar Crime in 1939. He defined it as "crime committed by a person of respectability and high social status in the course of his occupation".

It is merely a crime which is committed by the person who is in the higher and respectable positions and during the course of employment they were engaged in doing this financially motivated crime which is no doubt non-violent but typically dangerous crime only to satisfy there never ending wants and lust for the money.

Reasons for the White Collar Crimes

There are certain reasons which are behind the increasing rate of such crimes:

1) Lack of Stringent Laws: The first and the foremost reason is that there are no strict laws, rules and regulation to control such crimes. There are many lacunas and loopholes in the existing laws which instead of creating deterrence, helping them to carry out their illegal work. Online fraud and cybercrimes are the most popular crimes in this regard but most of their perpetrators go unpunished as there was no proper provision regarding it.

2) Greed and unending wants: it is naturally seen that human wants are unlimited, if one is satisfied then other will pop up and so with the greed. That’s the very reason why people are committing such crimes even they were occupying such a higher position.

3) Dynamism: As the society is changing day by day, technology is also becoming more and more advanced which helping the perpetrators to commit the crime more effectively and efficiently. Online fraud became more prevalent these days as it became easy for the criminals to snatch away the money without any trace and with just a single click transfer a huge amount of money to their bank accounts.

Way Forward

The ways through which we can combat the evil impact of the White Collar Crime is that the legislature would pass the effective and proper laws, policies, rules and regulations so that it can create the deterrence among the criminals and many loopholes and lacunas could be removed.

In addition to this, the harsh punishment should be granted to the perpetrators of such crimes, which could be extended to the hefty fines and rigorous imprisonment.

Furthermore, specific or separate courts should be made so that there will be s speedy trial and justice for these types of crime and it will not go unpunished.

Lastly, more and more awareness should be spread among the people so that they could realize on time and save their hard earned money and other financial assets.

Conclusion

In India, white-collar crimes have grown to be a serious issue and are detrimental to the economic growth of the nation. To stop these crimes and bring charges against those who commit them, the government and regulatory agencies must act pro-actively.

Among the actions that can be taken to stop white-collar crimes in India and foster a more open and accountable business environment are fortifying the legal system, enhancing the regulatory framework, raising awareness, and putting in place whistleblower protection. It is crucial to remember that stopping white-collar crimes necessitates concerted action from all parties involved, including the public, businesses, government, and regulatory agencies.

REFERENCES:

[1] https://www.legalserviceindia.com/legal/article-10873-white-collar-crimes-in-india.html

[2]https://resources.workable.com/hr-terms/blue-collar-vs-white-collar-worker

[3]https://www.linkedin.com/pulse/measures-curb-white-collar-crimes-hardik-jain

[4]https://www.azbpartners.com/bank/white-collar-crime-2023-law-and-practice/

[5] https://www.lexology.com/library/detail.aspx?g=a815f6b0-048e-4d93-ba3d-28023e6f057f