White Collar Crime in Different Sectors in India
Chapter One Hundred Sixteen
Syllabus topic 5, "Sentencing"
Pages 481 to 484 of 806
In one line
MU asks for white collar crime "in different sectors in India", and this chapter is the sector by sector answer with the statute for each.
MU's printed stem: "Define the concept of White Collar Crime and White collar crime in different sectors in India."
How to organise the answer
Do not write a list of scandals. Write a list of sectors, and for each give the conduct, the statute and the regulator. That is a legal answer; a list of scandals is journalism.
The sectors
| Sector | The typical conduct | The principal law |
|---|---|---|
| Public administration | Bribery, criminal misconduct by a public servant, disproportionate assets | Prevention of Corruption Act 1988; sections 198 and 316(5) of the Bharatiya Nyaya Sanhita 2023 |
| Banking and finance | Loan fraud, diversion of funds, wilful default, forged documents | Sections 316 and 318 of the Sanhita; the Banking Regulation Act 1949; the Reserve Bank of India as regulator |
| Securities and capital markets | Insider trading, price manipulation, fraudulent and unfair trade practices | The Securities and Exchange Board of India Act 1992 and the regulations made under it |
| Corporate management | False statements in accounts, fraud by officers, siphoning of company funds | The Companies Act 2013, notably its fraud provision; the Serious Fraud Investigation Office |
| Revenue and customs | Smuggling, evasion, undervaluation, fraudulent drawback | The Customs Act 1962; the goods and services tax law; the income tax law |
| Money laundering | Concealing the proceeds of a scheduled offence | The Prevention of Money-Laundering Act 2002; the Enforcement Directorate |
| Foreign exchange | Unlawful dealing in or transfer of foreign exchange, hawala | The Foreign Exchange Management Act 1999 |
| Food and drugs | Adulteration, misbranding, spurious drugs | The Food Safety and Standards Act 2006; the Drugs and Cosmetics Act 1940 |
| The professions | Medical negligence for gain, unnecessary procedures, fabricated certificates, professional misconduct by lawyers and auditors | Professional statutes and disciplinary bodies; the general criminal law where it reaches |
| The environment | Falsified consent applications, concealed discharge, fabricated monitoring data | The Environment (Protection) Act 1986 and the pollution control statutes |
| Real estate | Diversion of buyers' money, sale of unapproved projects | The Real Estate (Regulation and Development) Act 2016 |
| Cyber and technology | Data theft, identity fraud, computer related fraud | The Information Technology Act 2000; sections 318 and 319 of the Sanhita |
Name the statute, not a case in the newspapers. A candidate who writes "the 2G case" or "the Satyam scandal" has written nothing a law examiner can mark. A candidate who writes that securities fraud is dealt with by the Securities and Exchange Board of India under the Act of 1992 and its regulations has stated law.
The four features common to every sector
Having listed the sectors, tie them together, because the marks are in the analysis.
The rest of this chapter
Module one is free. The rest of this chapter comes with the LL.M. Criminal Law and Criminal Administration Semester 3 notes.
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The rest of this subject
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