Punishment of Traditional Crimes vs White Collar Crime
These crimes usually involve people in robberies, murders, or even injuries. However, there are also crimes that are committed by a company or a business. Business crimes or white collar crimes are crimes committed by a businesses or government professional. These crimes are often committed using confidential information attained by an individual to commit fraud. There are diverse types of white collar crimes, including tax fraud, telemarketing fraud, and insider trading.
Another fact that merits serious attention is that white-collar crimes being a characteristic of acquisitive and affluent society, they do not exist in India on the scale on which it exists in England and America, but is not totally absent. The Indian society is by no means affluent, but it is gradually becoming acquisitive, particularly in the urban areas. Corruption of administrative officers, embezzlement by top officials of MNC’s and corporations, evasion of tax (particularly income-tax) by persons who fall in the higher income group, smuggling of goods which are scarce in the our country (such as gold, watches and transistor-radio sets) and deliberate breach of foreign exchange regulations, may be cited as instances of white-collar crime in our country.
However, this is contingent on how the prosecutor collected the evidence in the first place. Most law enforcement officials rely on wire taps to nub white collar criminals, yet the law limits use of wire taps unless one has probable cause for the commission of a crime. Additionally, the lack of standard definitions of insider trading limits successful prosecution and incarceration of suspects. Most white-collar crimes take the form of insider trading; as a consequence, ambivalent definitions and standards on the same impede law enforcers from taking actions. A lot of dynamics come into play when a judge must decide on the threshold of insider trading that leads to criminal violations.
White-collar crime is relatively a new idea. It has been present in courtyards for quite a long time but the idea may still be ambiguous for some. Lawyers and law practitioners continue their dispute regarding the grounds and scope for white-collar crimes. It has many aspects that are viable for scrutiny and further interpretation to clear some of its gray areas.
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Healy, P. & Ramanna, K. (2013). When the crowd fights corruption. Harvard Business Review, 91(1), 122-128. Web.