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White collar crimes in India
White collar crimes in India
White collar crime is a crime committed by the people who belong to the higher class of society and are from the reputable group of society. The people who are committing this crime usually have a better understanding of technology, their respective field, disciplines etc. White collar crimes have largely evolved from a few years ago. So we will say that these crimes are common to trade, commerce, education, health etc. The primary difference between the white and therefore the blue crime is that the normal i.e. the criminals of blue crime are people of under-privileged section and upper crust is involved in white collar crime and that they commit the crime during a very organized manner. They maintain their respect within the society until the crime is discovered. White collar crime committed out of greed and it's alright planned and executed on the opposite hand blue crimes are usually committed out of rage, revenge and other emotions. In white collar crime harm is caused to the casualties or cash but harm is physical just in case of blue collar crime.
1) Bank Fraud: Bank Fraud may be a fraud committed by the banks. It is associated with the manipulation of the negotiable instruments like cheque bouncing, securities, bank deposits etc. Bank fraud cares to the general public at large because there's a relation of trust between the banks and therefore the public. It harms the public as well as the government of the country.
2) Bribery: Bribery is additionally a really common sort of white collar crime. By bribery we mean giving money or some goods to the person at a high position in return of a favor. It is the foremost common income of most of the general public officials of our country.
3) Cybercrime: Cybercrime involves the persons who are experts in computer related technology. And it is committed against the victim directly or indirectly to cause harm to his reputation or to harm in physical or mental way using the internet, networks and other technological sources. Cybercrime threatens the nation also because of the person’s security and financial status. Cybercrime can cause huge loss to the country. Not only the loss but it also can threaten the privacy of an individual . Disclosure of confidential information can create privacy problems.
4) Money Laundering: Concealment may be a crime during which the criminals disguise the identity of the cash . In this crime, criminals attempt to hide the first ownership of the cash and therefore the place where they obtained that cash by illegal means. Laundering is done with the intention of making that money come from legal sources. In simple words concealment means to point out the illegitimate money as legal money.
5) Tax Evasion: Concealment of income is done to reduce the tax liability in the eyes of the government. It means to cover the cash obtained from the illegal means so as to scale back one’s liability to pay tax and to point out low income to the tax authorities. Tax evasion has a negative impact on the social values as it demoralizes honest tax payers and they might also want to do tax evasion also it gives economic power in the hands of few undeserving people.
6) Identity Theft: Identity theft is the crime during which the criminal accesses unauthorized information like name, address, telephone number etc. and uses this information to gain money. In simple words identity theft is committed by using some other person's identity to commit fraud or to gain money by illegal means.
