White Collar Crime: Impact on Society

White-collar crime, rooted in the elite's professional roles, has seen a rise in recent years, often linked to large corporations. Edwin Sutherland defined this type of crime, highlighting the intelligence behind its execution and the significant economic losses incurred. Contrasted with blue-collar crime, white-collar crime is well-planned, driven by greed, and impacts society profoundly, necessitating awareness and vigilance.

• White Collar Crime
• Edwin Sutherland
• Corporate Crime
• Economic Impact
• Crime Detection

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1. PRESENTATION

2. TOPIC WHITE COLLAR CRIME

3. The crimes committed by the people of the elite in the context of their jobs and occupations are the basis for white-collar crime. As mentioned earlier, this type of crime finds its roots in the mainstream or partisan occupations of the accused. This crime is possible because the people involved in these crimes have a deep knowledge of technology, their fields, and things ar crime has increased over the years and they are usually associated with large corporations that provide many services. From common areas such as commerce, education, and health are victims of this type of crime

4. White-collar crime has been on the rise over the years and they are usually associated with large corporations that serve in many areas. Traditional crime has transformed white-collar crime in the country because the criminal profile has changed so much over the years. One thing that separates the white collar from the blue-collar is the simple fact that blue-collar crime is unlicensed and the lower class and upper-class white collar are guilty of such crimes. They will continue their place in society until their crimes are identified.

5. White collar crime was first defined by US sociologist Edwin Sutherland. Edwin compares crimes committed by people with high social status against crimes committed by ordinary people during employment. In 1934, Morris brought attention to the need for change in crime. He said that the illegal activities of the people of the upper society should be brought into the category of crime, which is both criminal and punishable in their profession. Eh. Sutherland analyzes from his work that these crimes were high at the time of his arrest and that it was a white collar crime when they violated trust The term 'white collar crime' was first introduced in 19thcentury in criminology

6. Criminal which are found in white collar crime are very intelligent if we compare it to criminals of other type of crime or blue collar crime. As the crime is multilayered detecting criminals of such crime is difficult .But, ordinary crimes are straight and too personal. These crimes involving using smart techniques to detect crime. The economic loss suffered by society in white collar crime is very much higher than that those in blue collar crime. White collar crime is caused by greed for money and it is very well planned and blue collar crime on the other hand is mostly retaliatory. White collar crime are most expensive crime we deal today

7. . White-collar crimes impact the society greatly and we common people suffer huge economic loss and pay for that indirectly. This crime affects society to great extent and shatter our economy largely. their are huge number of fraud cases committed in our society in previous year such as Nirav Modi scam if we talk about India. Because of such crime loss occur in every section of society from insurance to household commodities have large impacts on the societies and it does not affect only the criminals. It is also called socio economic crime because of impacts our society directly or indirectly.

8. Bank Fraud: Bank fraud is an offense of intent to commit fraud and unfair advantage. Bank fraud Fraud on banks. It is bound by duplicate representation of counterfeit companies. It also deals with manipulation of negotiable instruments such as check bounce, securities and bank deposits. Bank fraud is related to the public because there is a relationship of trust between the bank and the public. This is the most common type of white collar crime and corporate crime. It annoys the people and the government of the country. Bribery: Bribery is a type of white collar crime, the most common type of white collar crime. Bribery means money or some kind of favor.

9. Cyber Crime: The recent and most advance type of crime is cyber crime It have expanded so much in recent years that we have new branch of law in known as cyber law in today s time and is growing day by day. Cyber crime is the crime related to computer technologies and is one of the cause of white collar crime Cyber crime involves hacking of network in computer and is crime which involves illegal use of technology to harm someone mentally or abuse them hack their sites for illegal purpose. Cyber crime is biggest cause leading to these types of crimes in India. Cyber crime causes harm to person security and also nations security and also persons financial security, threatens the nation as well as the person s security and financial status. Cyber crime are used against woman and if we talk about India cases are daily rising against woman because of this advancement in technology known as cyber crime. Hacking of networks, Child pornography to abuse are common examples of cyber crimes

10. 5 Tax Evasion: Tax litigation is done with the purpose of concealing tax free income and the real situation in management. This disguise is done to reduce the tax debt in the eyes of government. In simple term, it means hiding the proceeds by illegal means to reduce one tax credit and to show low income to tax authorities. Tax avoidance has a negative impact on social development rates as do people who truly pay taxes and want to avoid taxation as well as leave the economic power into the hands of wrong people.

11. Money Laundering: Money laundering is a criminal offence where criminals are hiding money ID. In this case, the criminals try to hide the true identity of the money and place where they have obtained money through illegal means. The cleanup is done to make that money come from official sources. In simple terms collecting money means showing illegal money as legal money. For example, if a person earns money from a black market, illegal money laundering will be considered trash and will not be deposited as it would seem to suspect that he deposited money directly into a financial institution because he had to make statements and records stating the source of money.

12. 1 In Medicine and Health science: Doing a fake medical certificate by specialists Fraud as well as aims to expand treatment to increase debt. Gender determination of the fetus by the specialists forcing a patient in order to increase amount. Delaying by the hospital to increase the bill in hospital. Selling unapproved pharmaceutical samples. 6.2 In Legalized Professions: Compilation of structured reports Threats to other parties. Violations of legal conduct for monetary gain 6.3 In Education: To collect large amount of money in name of charity made by guardians as a bribe Merit acknowledgement is not accepted because of charity. To collect large sums of cash as government tax www.time.for.education

13. . HARSHAD MEHTA SECURITIES FRAUD (1988-1995) Harshad Mehta was a stockbroker. He founded his security company in 1990, Promote more research and asset management . He was well known in stock market. Investors have blindly followed in his footsteps. He took out a large loan from a bank and bought some drugs at high price, thus creating a false market. This has resulted in an abnormal cash flow in stock market causing an unusual increase in price of this share. This act was however illegal. The problem arose when Mehta improperly used the bank to invest in stock market. It has earned around 5000 crores. Popular journalist Suchita Dalal exposed this scam.

14. SATYAM SCANDAL (BIGGEST EVER CORPORATE ACCOUNTING FRAUD) The scam originated in January 2009 with the approval of Ramalingam Raju published in TOI. The letter admitted to falsifying his book of accounts for excessive assets and under debt. The book of account shows the financial position of company. This serves as important tool on which investors can rely. The book of accounts is made to defraud investor and share holder. The entire scam caused around $14,000 and is considered as an important factor that resulted in economic downturn in 2009

15. PUNJAB NATIONAL BANK FRAUD Nirav Modi is a jewelry designer and one of the richest men in India. The bank said that Modi and its affiliates met with its officials to obtain trusts or underwrite to help pay off consumer s debt at overseas bank. A preliminary investigation by PNB revealed that the two bank official fraudently released Lous to company without following due process. These are then transferred to instant messaging system, depending on credit given to the firm. PNB suspects that the proceeds from the sale and sell of diamonds were not used for the purchase. PNB has been issued a stock exchange, regarding the acquisition of counterfeit and unauthorized purchases PNB has received 1.8 billion $ fraud, one of largest fraud in Indian banking sector.

16. White collar crime shrinks our economy to a great extent if I talk about India there are still no proper laws for such type of crime and we as common people suffers a lot because of such crime . Ranging from insurance to bills for common day to day product, it therefore become necessary to have strict laws not only just laws but also stricter application of this laws become necessary.