Aparajita Singh Kirit P. Mehta School of Law
INTRODUCTION
“To err is Human, but to really foul things up you need a computer.” - Paul Ehrilch.
White Collar Crimes can be described and defined in many ways, many of which are linked to the nature in which they have been treated, which may cause confusion about the different forms of White-Collar Crime when they’re used as synonyms for the common word “economic crime”.
“Financial atrocities done by banks, tax avoidance, illegal tax, money laundering,” which are generally linked with certain individuals or big companies, but also “alleged crimes by government servants (corruption, white collar crime, trafficking of assets, etc.)” which can be classified as corruption within government institutions, are all examples of White-Collar Crime. Other methods concentrate specifically on the public domain, describing White Collar Crime as “those threatening the nation’s economic policy, violating its economic structure, economic goals and objectives, as well as the social interests at large.”1 This paper contains financial and corporate laws and crimes and criminals related to them. This paper here accepts what one wise man always said, “Existence of laws is one thing, and their implementation is something another, something very difficult.” India has diversity and that diversity creates confusion not qua making the laws, but for its implementations. India is perceived as a fraud-haven with inadequacy of anti-fraud measures and unethical behavior of employees, which leads to an environment where both inclination and opportunity co-exist.2 This could mean that organizations in India that remain passive in their approach to deal with fraud may be perfect breeding ground for fraud, and technology plays a vital role in any modern-day White-Collar Crime, suggests the findings of latest KPMG report3 on such crimes.
