White Collar Crimes In India: Hidden Barriers In Detection And Legal Action
- IJLLR Journal
- Apr 26
- 2 min read
Anmol Dumoga, Law College Dehradun
Dr. Lakshmi Priya Vinjamuri, Uttaranchal University (Deemed university)
ABSTRACT
This article primarily focuses on crimes committed by the more privileged class in the society for their own selfish interest or purpose. They gain undue advantage by abusing their powers which is provided to them by the concerned authority. We try to analyze legal and technical loopholes which is being exploited and how various legislation have been enacted to control the unfair activities. We will also look upon the international white collar crimes and the measures those countries took to avoid the future corruption of system.
Introduction
Money laundering costs the Indian government $18 billion every year. This massive drain shows how White Collar crimes severely hurt our national economy. The country has seen major corporate frauds like the Punjab National Bank scam of ₹14,000 crores and the Satyam scandal where losses reached ₹12,320 crores.
These exposed cases barely scratch the surface. White collar crimes don't get caught easily because they happen quietly and involve complex schemes. The Central Bureau of Investigation's situation makes things worse - it has 1,709 empty positions out of 7,295 approved posts in 2023. Digital transactions and cryptocurrencies have created new ways for fraudsters to operate. India's rank of 93rd in the 2023 Corruption Perception Index shows that we don't deal very well with corporate crime.
Our analysis will get into the legal system's weak points and the roadblocks that make it hard to catch these criminals. We'll look at different types of corporate fraud and see how other countries handle these cases better. This will help us find adaptable solutions for India's fight against white collar crime.
