About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

3 Legal Lock J. 84 (2023-2024)
Economic and Financial Frauds and Crimes in India: A Critical Appraisal from a Legal Perspective

handle is hein.journals/lgllckjnl3 and id is 209 raw text is: LEGAL LOCK JOURNAL ECONOMIC AND FINANCIAL FRAUDS AND CRIMES IN INDIA: A CRITICAL APPRAISAL FROM A LEGAL PERSPECTIVE Dr Y. Kishore Kumar' Dr D. Ganesh Kumar2 ABSTRACT Any person who wishes to gain an advantage or gains over another person through any dishonest act or behaviour is treated as fraud. It causes direct or indirect loss to the victim. Fabrication has not been discussed or described clearly in the Indian Penal Code. Still, various sections are examined, leading to fraud, such as forgery and Cheating: counterfeiting, concealment, and breach of trust etc. Hawala scams, bank frauds, counterfeiting of currency, Tax evasion, insurance frauds, credit card crimes, and money laundering are some examples of financial crimes that may not look as dangerous as criminal offences committed under the Indian Penal Code, 1860. Still, they are equally hazardous to society. In Economic Frauds, Banking Frauds occupy a significant proportion of the white- collar offences in India. While average thefts and robberies are generally small-scale in terms of monetary value, economic frauds deal with lakhs and crores of rupees being misappropriated and are referred to as white-collar crimes. These crimes revolved around loans taken without collateral security or forged documents, gold loans with dummy ornaments etc. The fraudsters or offenders use lapses in the system to commit economic crimes. Analyzing the facts and background of these crimes enables us to understand the role of lower-level managers and employees who help higher authorities defraud the system. This paper deals with the various economic/financial crimes or frauds happening in India, their statistics, management roles, causes and control measures. Keywords: Counterfeiting Currency, Insurance Fraud, Online Loan Apps, Hawala Scams, Banking Frauds, Money Laundering, Money Lenders, Quid Proco, Share Market Scam. 1 The author is currently working as an Assistant Professor, Symbiosis Law School, Hyderabad (Constituent of Symbiosis International (Deemed University), Pune). 2 The Co-author is currently working as an Associate Professor, Gitam School of Law, GITAM (Deemed to be University, Visakhapatnam). 84 ISSN: 2583-0384 VOL. 3 ISSUE 2

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most