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White Collar Crimes in India
Just like other countries Ivan Telegin Olympics Jersey , India has never been immune to white collar crimes. In India, such crimes are committed by working age people. In many cases they never apply force or violence in accomplishing their goals. Trickery is the common strategy employed by many. Most of those who commit such crimes are members of a particular profession who knows the functioning of specific parts (Perri, 2011). Using their knowledge and experience, they identify loops which they use to steal from unsuspecting victims. They use expertise in their line of work to falsify conventional ways in order to attain their desires. In India these types of crimes are committed by people with technology savvy who make the process difficult to be detected. Knowledge of their positions makes them to identify opportunities which they utilize to attain self interests. In India, most of these crimes are directed towards money gains (van Onna Vladimir Tarasenko Olympics Jersey , van der Geest, Huisman & Denkers, 2014). In case of a group crime, such crimes in India are always carried out by official working in the profession or interlinked profession to carry out their theft
1992 Securities Scam in India
The scam came to light in 1992 following multiple irregularities in the securities transactions as well as fund management by banks and many financial institutions. More than two decades after Indian 1992 securities scam broke, a Special Court in November 2015 found two former officials of the bank guilty of 鈥渟weeping country鈥檚 coffers clean鈥? The two namely Vadim Shipachyov Olympics Jersey , M S Srinivasan, the former chief manager of the State Bank of Saurashtra鈥檚 Fund Management Cell, and R Sitaraman were attached to securities division of Indian state bank. They got four years imprisonment sentence and fines of Rs 5 lakh each for the criminal breach of trust under IPC and the misappropriation of funds under the Act of Prevention of Corruption. Srinivasan was instructed by the court to pay Rs 5 crore extra as compensation because of embezzlement.
This scam came to light in 1992 many irregularities in the securities transactions and the fund management by banks and financial institutions. This situation forced the Indian government to compose a Parliamentary Committee to probe the scam and take action according to the committee鈥檚 reports. Indian prosecution recorded statements from 44 witnesses and produced 650 documents. Out of the 22 accused, three, including the key accused Harshad Mehta Artemi Panarin Olympics Jersey , were dead, while the other three were set free earlier. The court, therefore, had 16 accused. The court gave 14 of them the benefit of the doubt and convicted two. Taking quotes from Napoleon Bonaparte, Justice Roshan Dalvi said Alexander Ovechkin Olympics Jersey , 鈥淧unishing less, punishes more severely.鈥?The court said that Mehta became the main recipient of the 鈥渄ivine justice.鈥? The court found the actions of the accused as anti-national, besides corroding Indian economy. Justice Dalvi said that the accused degraded them by misappropriating public property for their illegal as well as criminal ends leading to a huge monetary loss to the public exchequer. Justice Dalvi added that their acts were termed anti-national since they had caused huge economic strain as well as a drain upon India leading to the scam of sentence therefore suited the unjustifiable economic loss to India when one reflects on the denunciation of their maneuver. Mehta was found to be the connecting link between the two men in their complicity in the securities fraud despite having died in 2001.
The modus operandi ostensibly surrounded the fraudulent transactions of thousands of crores by the accused in the account of Mehta. He owned current accounts in two banks, but the account in the SBS seemed the best testimony鈥?to all transactions since the SBI account never reflected the transactions. In defense, Srinivasan argued that he lifted the SBS from dumps by introducing business efficacy in borrowing transactions of SBS despite a large surplus of over Rs 1 Vladislav Namestnikov Olympics Jersey ,100 crore. Sitaraman, on the other hand, claimed that his superiors at SBI had roles to play in the facilitation of transactions that involved Mehta. Justice Dalvi in his 136-page judgment said that in the case, the complainant, the accused Evgeni Malkin Olympics Jersey , the victim was India at large. It was the public financial institutions鈥?coffers that were swept clean. The court asserted that despite the fact that some money was recovered and resend to the exchequer, the other had been lost forever. The court also said that it would take many years before the lost monies find where they belong. The victimisation of public was due and punishment was unavoidable. They were also accused of criminal conspiracy as well as breach of trust while discharging the duties as public officers in the financial institutions. They were as well accused of falsification of accounts, cheating, forgery, forging valuable security Evgeny Kuznetsov Olympics Jersey , receiving stolen property like credit and debit vouchers as well as issue of cheques on behalf of their specific banks.
How the 1992 securities scam case is similar or different to cases of white-collar crime in the United States?
Despite the fact that white-collar crimes vary, whether in India or United States several characteristics are common. For instance, in both countries, these crimes involve the use of deception and concealment instead of applying force or violence. Those who commit the crimes always aim at an illegitimate gain of property money or services. Making false statements to achieve certain gains characterizes these crimes in both countries (Gibbs, Cassidy & Rivers Nikolay Kulemin Olympics Jersey , 2013). In both India and United States, white-collar crimes involve abuse of positions of trust as well as power. It is evident that officials solicit and accept bribes for their gains. Corporate officers on the other hands fix prices to eliminate competitors out of business which is an abuse of positions. In both countries, White-coll As . Cheap Jerseys China Wholesale Cheap Jerseys Online Cheap Jerseys From China Wholesale Jerseys China Wholesale Sports Jerseys Cheap NBA Hats Wholesale T-shirts Free Shipping Cheap T-shirts Free Shipping Cheap Hoddies Wholesale Cheap NCAA Hoddies