 to two lakhs of rupees.
· Forgery: When a person passes a false or worthless instrument such as a check or counterfeit security with the intent to defraud or injure the recipient.
· Health Care Fraud: Where an unlicensed health care provider provides services under the guise of being licensed and obtains monetary benefit for the service.
The white collar crimes which are common to Indian trade and business world are hoardings, profiteering and black marketing. Violation of foreign exchange regulations and import and export laws are frequently resorted to for the sake of huge profits. That apart, adulteration of foodstuffs, edibles and drugs which causes irreparable danger to public health is yet another white collar crime common in India.
· Insider Trading: When a person uses inside, confidential, or advance information to trade in shares of publicly held corporations.
· Insurance Fraud: To engage in an act or pattern of activity wherein one obtains proceeds from an insurance company through deception.
· Investment Schemes: Where an unsuspecting victim is contacted by the actor who promises to provide a large return on a small investment.
· Kickback: Occurs when a person who sells an item pays back a portion of the purchase price to the buyer.
· Larceny/Theft: When a person wrongfully takes another person's money or property with the intent to appropriate, convert or steal it.
· Legal Profession: The instances of fabricating false evidence, engaging professional witness, violating ethical standards of legal profession and dilatory tactics in collusion with the ministerial staff of the courts are some of the common practices which are, truly speaking, the white collar crimes quite often practiced by the legal practitioners.
· Money Laundering: The investment or transfer of money from racketeering, drug transactions or other embezzlement schemes so that it appears that its original source either cannot be traced or is legitimate.
· Medical profession: White collar crimes which are commonly committed by persons belonging to medical profession include issuance of false medical certificates, helping illegal abortions, secret service to dacoits by giving expert opinion leading to their acquittal and selling sample-drug and medicines to patients or chemists in India
· Racketeering: The operation of an illegal business for personal profit.
· Securities Fraud: The act of artificially inflating the price of stocks by brokers so that buyers can purchase a stock on the rise.
· Tax Evasion: When a person commits fraud in filing or paying taxes.
The complexity of tax laws in India has provided sufficient scope for the tax-payers to evade taxes. The evasion is more common with influential categories of persons such as traders, businessmen, lawyers, doctors, engineers, contractors etc. The main difficulty posed before the Income Tax Department is to know the real and exact income of these
Professionals. It is often alleged that the actual tax paid by these persons is only a fraction of their income and rest of the money goes into circulation as ‘black money.
· Telemarketing Fraud: Actors operate out of boiler rooms and place telephone calls to residences and corporations where the actor requests a donation to an alleged charitable organization or where the actor requests money up front or a credit card number up front, and does not use the donation for the stated purpose.
· Welfare Fraud: To engage in an act or acts where the purpose is to obtain benefits (i.e. Public Assistance, Food Stamps, or Medicaid) from the State or Federal Government.
· Weights and Measures: The act of placing an item for sale at one price yet charging a higher price at the time of sale or short weighing an item when the label reflects a higher weight.
White Collar Crime in India
White collar criminality has become a global phenomenon with the advance of commerce and technology. Like any other country, India is equally in the grip of white collar criminality. The recent developments in information technology, particularly during the closing years of the twentie