A Study On White Collar Crime And Its Impact On The Society With Special Reference To Chennai
- IJLLR Journal
- Jan 18, 2025
- 2 min read
K. Pooja Shree, B.COM., LL.B. (Hons), Saveetha School of Law, SIMATS University, Chennai
Y. Fathima Sakeena Fahumitha, B.COM., LL.B. (Hons), Saveetha School of Law, SIMATS University, Chennai
ABSTRACT
White Collar Crime refers to non-violent offences committed by individuals or corporations, typically in the business or professional world, for financial gain. Examples of such offences include fraud, embezzlement, insider trading, bribery, money laundering , cybercrime etc. These actions can erode trust in institutions, businesses, and professionals. The individuals in positions of authority who engage in unethical behaviour can damage the credibility of entire industries and professions, leading to decreased public trust. This can have economic consequences, as investors may become hesitant to invest in markets perceived as susceptible to fraud or manipulation. There are various laws covering different types of white collar crime but no codified law in India. Empirical research was conducted in this study. The study was conducted in Chennai with 200 samples through a simple convenient sampling method. The independent variables are gender, age, educational qualification, occupation and place of living. From the study it came to be known that the white collar crime on low income and minority communities are likely to become victims of fraud and other scams. The major effect of white collar crime is financial losses as it is non violent crime in nature as it is individuals in the positions of trust and access to financial resources who have committed such crimes. By improving corporate governance and by implementing effective laws it can be prevented. Finally, prosecuting white collar crimes can be complex and resource intensive, requiring extension investigations and legal proceedings. Law enforcement agencies and regulatory bodies must allocate substantial resources to identify, investigate and prosecute perpetrators, diverting resources from other priorities. This used to understand and observe the white collar crime which most people were not aware of, it's really a needed topic to society.
Keywords: White Collar Crime, Criminology, Higher authority, Financial fraud and Trust.
