White Collar Crime

• Published date: 28 June 2022
• Subject Matter: Criminal Law, White Collar Crime, Anti-Corruption & Fraud
• Law Firm: Vaish Associates Advocates
• Author: Mr Vijay Pal Dalmia

Article by Vijay Pal Dalmia, Advocate, Supreme Court of India and Delhi High Court, Partner & Head of Intellectual Property Laws Division, Vaish Associates Advocates, India

About Me!

I am an Advocate practising before the Supreme court India & Delhi High court having experience of more than 36 years in court trials and dealing with cases and prosecutions relating to the Income Tax Act, 1961, The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, Money Laundering Act (PMLA), economic offences, white-collar crimes, corporate crimes, cyber-crimes, data theft, enforcement of IPR, criminal and civil laws.

What is a White Collar Crime?

A Crime is a Crime.

Colour does not change the crime.

Blue Collar crime is motivated by

• fury,
• vengeance,
• Emotions.

White collar crime is a crime

• motivated by greed
• meticulously organized & accomplished
• committed by the people who belongs to the higher class of society and

These people :

• Are from reputable group of society.
• Commit these crimes during the course of their occupation.
• Usually have a better understanding of
  • technology,
  • their respective field,
  • disciplines etc.
• are people of high stature and
• There is generally an element of breach of trust by carrying out unethical business practices because of motivation to gain financially.
• It is the offenders' position that accords upon them the opportunity to perpetrate such crimes.

Essential elements of White Collar crime:

• Fraud
• Deceit
• Cheating
• Breach of Trust
• Intent
• Disguise
• Knowledge
• Concealment
• Conspiracy
• Organized
• Planning

DESCRIPTION WHITE COLLAR CRIMES

NONVIOLENT

• Committed by breaking confidence and trust.
• Emotionless.
• Victim usually cooperate.

FINANCIAL

• Hatched in daylight.
• Victims may not know that a crime is being perpetrated on them.
• Money or Financial gains are motives.

Legislations against White Collar Crimes in India

# Companies Act, 1960.

# Income Tax Act, 1961.

# Indian Penal Code, 1860.

# Commodities Act, 1955.

# Prevention of corruption Act, 1988.

# Negotiable Instrument Act,

# Prevention of Money Laundering Act, 2002.

# IT Act, 2005.

# Imports and Exports (Control) Act, 1950

# Fugitive Economic Offenders Act, 2018

# Foreign Exchange Management Act

# Special Court (Trial of offences relation...