ECONOMIC OFFENSES (WHITE COLLAR CRIMES)

The concept of white-collar crime found its place in criminology for the first time in 1941 when Sutherland first published his research paper on white-collar criminality in the American sociological review. He defined white-collar crime as a crime committed by persons of high social status in the course of their occupation. e.g. -misrepresentation through fraudulent advertisement, infringement of patents, copyrights, and trade-marks, a publication of fabricated balance sheets and profit and loss account of business,etc. 

“White-collar crimes are committed by persons of status, not for need but for greed” sir Walter reckless 

White Collar Crimes are committed by people who are involved in otherwise lawful businesses and cover a wide range of activities. The perpetrators hold respectable positions in the communities unless their crime is discovered. The laws relating to white-collar crimes depend upon the exact nature of the crime committed.

Types of White Collar Crimes.

Extortion:

When a person illegally obtains someone’s property by actual or threatened force.

Insider-Trading:

When someone uses the confidential information to trade in shares of publicly held corporations.

Money-Laundering:

it means the concealment of origin of illegally obtained money.

Tax fraud:

It means evading tax by providing wrong information in tax forms or illegally transferring property in order to avoid tax etc.,