Author: Ronak Ranjan Pradhan
INTRODUCTION
White-Collar crime is the blunder which is committed by the accumulation of the people of elite and opulent class. This crime is a predetermined process to reduce the uncertainties and done in synchronization and proper chronological order. ‘White’ symbolizes demureness and calmness, it means that crime is done peacefully but goodwill is maintained in the society. The person who is the kingpin and impeccable of all the sophisticated things like- technology, planning, and crime, the crimes which are included in white-collar crime are- Financial embezzlement, lingering, bribery, banking fraud etc. This crime is also known as a corporate crime which is pecuniary motivated by business and government professionals. This crime does not harm directly, it harms indirectly to society in a gigantic way. Edwin Sutherland, a great sociologist, was the pioneer to define white-collar crime. This crime is also known as Non- Violent crime. This crime is known for being sophisticated because it takes a lot of time in investigation and documentation.
OBJECTIVE
There are multifarious reasons to do white-collar crime. The gargantuan objective is to become efficacious in pecuniary power. Another ambition is to become Opulent from Indigent. The ‘starvation of avariciousness’ makes the person do the crime. The person does this blunder for being flamboyant in society. No one wants to be impecunious because these penurious people do not have amenities in their life. So, the person does the crime to alter his life and wants to live with amenities and full luxury. There is a proverb in English ‘Rome was not built in a day’ but these culprits want to be opulent in one day only. For the common layman this crime is ‘Oneiromancy’ but for the cohort of tenacious culprits ‘Oneiromancy’ becomes efficacious.
EFFECT ON SOCIETY
The colossal impact of white-collar crime is on the economy which is the backbone of our country. Due to this crime Country stops burgeoning. This crime not only affects the pecuniary status of the Country but also stops the gestation period. This crime shows a negative impact on prices of products. Inflation reaches a zenith level, cumulative effect in Poverty, GDP falls and many more. If the Bank is dacoity the layman people stop losing their trust and hope towards the bank which is very hogwash for society. This crime can cause social and economic problems to individuals and society. Crime can cumulate expensive things and can stretch budgets. People may become pusillanimous for depositing money in Bank. This crime can threaten employees through unsafe working conditions because of perilous products. Most experts agree that the economic impact of white-collar crime is far more costly than ordinary crime. White-collar crime is very much detrimental to society because they are committed by persons in power who are expected to set a moral example and behave sensitively by achieving public confidence with effervescence. Due to this crime Banks have a traumatic impact and it starts becoming perfidious in the eyes of people. There is an enormous impact on families, companies start devastating. On every diaspora, this crime affects enormously. Some sociologists believe that the greatest harm is to the public.
DISPARITY BETWEEN WHITE COLLAR CRIME AND ORDINARY CRIME
The culprits of White-Collar crime are Perspicacious and efficacious men of the upper class than the general criminals. These crimes are very stringent to detect and done with a cohort of people with the intention of Phantom money. On the other side, the ordinary criminals do not do the crime with sanguine; their works and planning are in a shambolic way. They are milk- livered and poltroon and very afraid of law agencies. But white-collar criminals are sanguine because when they plan every act is in synchronization which shows efficiency and effectiveness. With their work, they are effervescent and are not afraid of law agencies. They are so optimistic after doing blunders also because if they are caught red-handed they will be fined or incarcerated for a short period. Another disparity is that the economic loss of white-collar crime is mammoth as compared to ordinary crimes. The ordinary criminals do tiny things like Pilfering, Lingering etc. and they are very timorous of doing the act and it is not deleterious for a broader level. But in every diaspora, White-collar crime is detrimental because it harms the preceding things of Country. Ordinary crimes are showing the brink of extinction and it is switching to White-collar crime. The white-collar crime needs discipline, effervescent concentration and that would be done, sagacious person. After doing the blunders also they maintain their reputation until the crime is disclosed. For doing this crime one needs a perspicacious mind. White-collar crimes are anonymous but ordinary crimes are physical. Ordinary crimes tend to be rampant by Police stations and they create a scenario of hooliganism but White collar crimes tend to be not attracted by police stations because they do all work peacefully.
CASES
Punjab National Bank Fraud case- This will be handed down in the UK after December 1. Therefore, any judgment, in this case, is now expecting only after the final hearing in December.
Satyam Scandal biggest ever Computer fraud case- A special court under India's bureau of investigation on 10 April held the founders and former officials of the outsourcing firm, Satyam Computer Services, guilty in an accounting scam worth 7000 crores.
CONCLUSION
In these few years, we can see the cumulative effect in white-collar crimes. The gigantic reason is the hangry of avariciousness. In India, there is no particular definition of White-collar crime. This crime not only harms and hoodwinks the Economy but also to people. There is a proverb in English- “The true source of right is a duty if we all discharge our duty right will not be far to seek” which says everybody is doing his duty and earning money but these criminals are doing the duty and earning phantom money. This crime not only affects the pecuniary status of a Country or People but it also affects society. These blunders should not be ignored by the government. The punishment for White-collar crime should be stringent and tyrannous so that no one should have the dare to do it. If the crime is very hogwash then the punishment should be macabre and the incarceration period should belong. Most of the People in the Country are not aware of this crime so People should get awareness through programs and campaigns so that people should be caveated ab initio. Government has made multifarious legislation for identifying white-collar crime like Indian penal code 1860, Income Tax Act, 1961 and many more but there is no specific legislation for this Act. The government should make tyrannous rules and norms so that no one should dare to do the crime. If anyone violates the rule then the Government should keelhaul the culprits. This crime occurs in all fields whether it is Education, Medical line, Public sector, Private sector etc. and who will restrict and put barriers on this crime. The Government should make such stringent rules so that no one should have the courage to do this blunder.