Handshake Of Deceit: Unmasking The Hidden Crisis Of White-Collar Crimes In India's Economic Growth
- IJLLR Journal
- Jan 18
- 2 min read
Harshvardhan Yadav & Vedant Bhose, Indian Law Society’s Law College, Pune
ABSTRACT
Isn’t it intriguing how certain crimes don’t come with handcuffs but with handshakes? How do a handful of people get away with everything and anything? White-collar crimes, are hidden non-violent acts committed for financial gain, often associated with individuals of high social or professional standing, and differ from traditional crimes concerning their primary element involving abuse of power, authority, and breach of trust. These offences originate from unethical business behaviours motivated by personal and financial gains. The offender's jurisdiction, dominion, authority, and standing degree provide them the means to commit such crimes.
In the Indian subcontinent, where rapid economic growth blurs the lines between success and scandals, white-collar crimes have become one of the most pressing and challenging issues faced by modern society. Despite an extensive legal framework to tackle corporate fraud, embezzlement, insider trading, bribery, money laundering, and corruption, the enforcement remains plagued by inefficiency and complicity. This paper focuses on the complex web of white-collar crimes in India and the surrounding region while identifying the legal, social, and economic repercussions. The paper analyses a few notable cases, such as the infamous Satyam Computers scandal and the Nirav Modi-PNB fraud; it examines the gaps between legislation and its enforcement. Additionally, it evaluates how regulatory bodies function and whether they are prepared to handle the complexity of these crimes, as well as identifying the factors that limit their effectiveness. Although the Indian legal system is equipped with laws addressing white-collar crimes, it faces significant challenges in effective enforcement. Issues like inefficient regulatory systems, lengthy judicial procedures, and corporate collusion create obstacles to swift justice. The paper suggests additional reforms focusing on strengthening the concept of good governance, corporate accountability, and fostering international cooperation to limit the cases of white-collar crimes.
Keywords: White-collar crimes, Corporate Fraud, Corruption, Money Laundering, Accountability.
