The ultimate objective of these crimes and frauds is to use public money in a carefully planned manner for personal use with no right to do it. The entire community is aggrieved if the economic offenders who ruin the economy of the State are not brought to book.
A disregard for the interest of the community can be manifested only at the cost of forfeiting the trust and faith of the community in the system to administer justice in an even handed manner without fear of criticism from the quarters which view white collar crime with a permissive eye, unmindful of the damage done to the national economy and national interest.
Unfortunately in the last few years, India has seen an alarming rise in the serious frauds and white collar crimes, which has affected the fiber of the country’s economic structure. These cases are nothing but private gain at the cost of public and lead to economic disaster.
According to Praveen Dalal, the leading Techno-Legal Expert of India and Managing Partner of Perry4Law, serious frauds and white collar crimes are increasing globally. With the globalisation and use of Information and Communication Technology (ICT) territorial boundaries have shrunken. The ramifications of the acts of one person may be felt in a totally different jurisdiction. There is an emergent need of enacting stringent and effective laws in India on the one hand and effective investigation capabilities on the other, says Dalal.
It is clear that India not only requires good laws that can stringently deal with corporate frauds and other white collar crimes of massive proportion but also should develop scientific and contemporary investigation skills and capabilities.