White Collar Crimes And Intellectual Property Crimes

White Collar Crimes And Intellectual Property Crimes

White collar crime is a crime generally committed by the people who belong to the higher class of society and are from the reputable group of society. This crime is committed during the course of their occupation. The people who are committing this crime have usually a better understanding of technology, their respective field, disciplines etc.

It involves the acquisition of property through deception, or fraud, for business or personal advantage. Bank fraud, bribery, phishing, credit card fraud, money laundering, racketeering, securities fraud, tax evasion, telemarketing fraud, adulteration of food and drugs, misappropriation of property etc.; all these are the examples of white collar crimes.

Affects Of White Collar Crime

White collar crime can have a large impact on the society and it does not only affect the victims. It is also called as a socio-economic crime because it has a direct impact on the society. When a white collar crime is committed huge losses on business occur which have a direct impact on the consumers and the economy of the country.

There are various numbers of frauds and scams that had been exposed in our country from the past few years like 2g scam, havala scam, banking scam, fodder scam, increase of terrorism many more. For example, profits from illegal sales of counterfeited goods and insurance fraud have been traced to the funding of terrorist activities and other organized crime. Due to these frauds and scams the economy of our country has shambled. And then to make up these losses of fraud or any scams, they increase the costs. This means higher prices for the consumers in the way of higher taxes, government revenue, and increased insurance costs.

One financial fraud can affect the businessmen, the investors and the government. All you need is one bad employee who out of greed of money will commit a financial fraud and will cause harm to the reputation of the company, lack of profits and gain of losses.

Types of White Collar Crimes

There are different types of white collar crimes. Some of them are as follows:

  • Bank Fraud: Bank Fraud means to engage in such activities in order to defraud a bank or using illegal means to obtain assets held by financial institutions.
  • Blackmail: Blackmail means demand for money by threatening some person to cause physical injury or exposing his secrets.
  • Bribery: Bribery means offering money, goods or any gift to someone in order to have control over his actions. It is a crime whether someone offers or accepts a bribe.
  • Computer Fraud: Computer frauds are such frauds which involve hacking or stealing information of some other person.
  • Embezzlement: When someone entrusted with money or property uses it for his own use, it is embezzlement.
  • Extortion: When a person illegally obtains someone’s property by actual or threatened force.
  • Insider-Trading: When someone uses the confidential information to trade in shares of publicly held corporations.
  • Money-Laundering: Money Laundering means the concealment of origin of illegally obtained money.
  • Tax Fraud: Tax fraud means evading tax by providing wrong information in tax forms or illegally transferring property in order to avoid tax.

Legislations Against The White Collar Crime In India:

The government of India has introduced various regulatory legislations, the breach of which will amount to white-collar criminality. Some of these legislations are Essential Commodities Act 1955, the Industrial (Development and Regulation) Act, 1951.,The Import and Exports (Control) Act, 1947, the Foreign Exchange (Regulation) Act, 1974, Companies Act, 1956, Prevention of Money Laundering Act, 2002, Information Technology Act, 2000, Income Tax Act, 1961, Prevention of corruption Act, 1988, Commodities Act, 1955, Negotiable Instrument Act.