The Intricacies and Implications of White-Collar Crime on Indian Economy - A Juridical Study

Abstract

The evolution of new mechanization in the era of globalization and liberalization switched the culture of business transactions. India stood at over 20 lakh registered Companies. India’s GDP more than half logically gets contributed by these registered Companies. The rising rate of white-collar crimes, without doubt, demands stiff penalties and punishments. Nowadays, the point of coverage of white-collar crimes has carried to the organization from the individuals. Thus, white-collar crime is one such Corporate Fraud. The government and regulatory machinery have been strengthened to reduce the number of frauds after every scam; similar to other developing and some developed countries, India is in the hold of fraud, denoting the importance of a transparent, ethical, and good corporate governance framework. Thus, the Government of India proposed the Fugitive Economic Offenders Bill, 2018, to protect the investor’s trust and sustainable financial growth of the country’s economy. This article studies the various scams and judicial decisions to examine the perception of white-collar crime in India and highlight the existing legal and regulatory obligations.