WHITE COLLAR CRIME

INTRODUCTION
In general terms of society, crime is usually seen in the form of theft, murder, rape, etc. but it
is not the case, there are many crimes from which most of the people of society are not
familiar like white collar crimes. Edwin Hardin Sutherland an American sociologist first time
define white collar crimes as “crimes committed by people who enjoy the high social status,
great repute, and respectability in their occupation” This means it is a serious crime that is
committed by the important person of society who have high social status in the society and
mostly he committed it in the course of his profession and occupation. Most of this kind of
crime is done in the domain of economics to earn more money and make more property threw
illegal means. The basic difference between white-collar and ordinary crimes is that these
crimes tend to be non-violent and not understandable by society. So the harm done by these
crimes cannot be undermined in society.
Types of white collar crimes
 Tax evasion
Tax evasion is basically avoiding paying off tax obligations by the individual and any
company. It is considered a serious crime in India and willfully failing to pay taxes is
a federal offense under the internal revenue service(IRS) tax code. For example, they
illegally transfer money to avoid the filing of taxes and avoid the proper filing of tax
forms to avoid taxes.
 Money laundering
Money laundering is basically the practice of hiding the source of money which is
primarily coming threw illegal sources and converting it to a clean source for
avoiding prosecution, and conviction under the territorial laws of the country. In
simple words, it is an illegal exercise that converts black money into white money. It
is done primarily in the form of cash because cash is hard to track and easy to conceal.
 Embezzlement
Embezzlement refers to a crime where an individual plays fraud and misappropriation
of the assets which are given to him and he misuses them. Although assets are
acquired by lawful means he uses these assets for unintended purposes. It is done
intentionally and methodically crime. And it is a clear breach of fiduciary duties
between parties.
 Insider trading
Insider trading is leaking of the important information about a company by any person
who has access to that information of the company. It is basically happening in the
stock market to change the price of the share of the company.
 Counterfeiting of money
This money is produced without the legal permission of the state and government.
Usually, it is done to deceive its recipient. It is done for the reduction in the value of
the money and it helps to increase inflation because it increases the money supply in
the economy. It is done with the help of a terrorist organization or another country